Offshore wheat markets fell and oilseeds gained.
- Chicago wheat December contract down US34 cents per bushel to 872.5c/bu;
- Kansas wheat December contract down 30.25c/bu to 923.25c/bu;
- Minneapolis wheat December contract down 28c/bu to 975c/bu;
- MATIF wheat December contract down €3.25/t to €341.75/t;
- Black Sea wheat September contract down $9.75/t to $357/t;
- Corn September contract up 3.75c/bu to 637c/bu;
- Soybeans November contract up 8.5c/bu to 1405c/bu;
- Winnipeg canola November 2022 contract up C$11.60/t to $866.70/t;
- MATIF rapeseed November 2022 contract up €4/t to €700/t;
- ASX July 2022 wheat contract up A$9/t to $412/t;
- ASX Jan 2023 wheat contract up $10/t to $430/t;
- AUD dollar weaker at US$0.6729.
Some chat taking place on Twitter around foreign vessels arriving in the Ukraine ready to ship ag products is countering stories of Russians using cluster bombs to ignite mature wheat crops. However, an 85c/bu trading range has to be respected – something turned buyers into sellers. Post Monday’s close, Hard Red Spring wheat conditions improved again, adding 4 per cent to 70pc good to excellent. Winter wheat harvest was pegged at 63pc done versus the average of 61pc.
A big part of the strength in the night session yesterday was related to corn conditions that looked hot and dry. We are in the hitting zone for pollination which is directly linked to overnight temperatures: the hotter it is, the lower the yield.
Importers from The Philippines bought 50,000-60,000t of feed wheat from Australia in an international tender on Friday, at $415/t cost and freight for November shipment.
Local markets kicked off the week firmer. Milling wheat led the way on old crop, with east coast values up A$20/t by Monday’s close of business. New-crop values across the board were up $15-$20/t on wheat, $15/t on barley, and $10-$12/t for canola.
There was an improvement in congestion at some major ports this week, with wait times in Newcastle falling from 29 days last week to just one day this week. Kwinana fell from 31 to 29 days this week, with 13 boats anchored. Esperance went from 11 days last week to 10 this week and Geraldton 17 to 15 days. Wait times increased in Albany, Port Kembla and Geelong.
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