Gains of 1-4pc in wheat markets led most boards firmer. Macro markets Dow Jones Industrials Average and Brent crude made strong gains.
- Chicago wheat December contract up US40.5 cents per bushel to 869.5c/bu;
- Kansas wheat December contract up 29.25c/bu to 927.5c/bu;
- Minneapolis wheat December contract down 1.75c/bu to 898.25c/bu;
- MATIF wheat December contract up €12.50/t to €337.75/t;
- Black Sea wheat December contract up $3.50/t to $320.50/t;
- Corn December contract up 16.5c/bu to 685/bu;
- Soybeans November contract up 26.25c/bu to 1412.25c/bu;
- Winnipeg canola November 2022 contract was up C$1.40/t to $771.20/t;
- MATIF rapeseed November 2022 contract down €2.25/t to €597.75/t;
- ASX Jan 2023 wheat contract up A$2.50 to $402.50/t;
- ASX Jan 2023 barley contract unchanged at A$310/t;
- AUD dollar firmer at US$0.683.
International
Ukraine’s Ministry of Agrarian Policy reports the wheat harvest is 99pc finished at 19.2 million tonnes (Mt) from 4.7mha at a yield of 4.10t/ha. 6.7mha was estimated to have been planted crop, leaving 2.0mha in Russian-occupied territories unaccounted for.
Unofficial sources are quoting the Russian Ministry of Agriculture, saying that, as of 8 September, the wheat harvest stood between 87Mt and 92Mt.
French maize crop conditions fell for a ninth consecutive week last week, according to FranceAgriMer which estimated 43pc of French grain maize crops were in good or excellent condition compared with 45pc the previous week.
Frosts in Argentina have caused some damage to the 2022/23 wheat crop, the Buenos Aires Grains Exchange said on Thursday. The frost damage adds to the impact caused by drought seen in recent months.
The Russian government has renewed a temporary ban on rapeseed exports until February 28, 2023 which, amid a record rapeseed crop in the country, will lead to an increase in rapeseed processing and rapeseed oil exports (potentially up 30pc), according to local Russian media.
Turkish President Tayyip Erdogan, when he meets Russian President Vladimir Putin next week, will urge Moscow to send goods though the Black Sea corridor, seeking to keep Russia engaged in the arrangement, broadcaster Haberturk said on Friday.
Australia
Wheat trade markets were a touch softer on Friday. Barley was bid down $2-3/t and canola new crop was also bid a touch softer. Grower bids also peeled back $10-15/t.
Good rainfall for much of the grain belt over the last week has kept crops on track for another near record year for WA, according to the Grain Industry of Western Australia (GIWA) September Crop Report released on Friday. Total grain production for the state will almost certainly exceed 20Mt and potentially nudge last year’s total of just under 24Mt. Frost and possibly a blast of heat are the only obstacles on the horizon.
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