MATIF rapeseed eased 2pc.

• Chicago wheat May 2023 contract up US5.5 cents per bushel to $679.5c/bu;
• Kansas wheat May 2023 contract down 4.75c/bu to 863.5c/bu;
• Minneapolis wheat May 2023 down 2.25c/bu to 860c/bu;
• MATIF wheat May 2023 down €1.25/t to €251/t;
• Black Sea wheat May 2023 down $0.75/t at $279.25/t;
• Corn May 2023 contract up 5c/bu to 656c/bu;
• Soybeans May 2023 contract up 7c/bu to 1504.25c/bu;
• Winnipeg canola May 2023 contract up C$1.70/t to $771/t;
• MATIF rapeseed May 2023 contract down €11/t to €449.50/t;
• ASX May 2023 wheat contract down A$3.50/t to $386.50/t;
• ASX January 2024 wheat contract down $6.50/t to $388/t;
• ASX January 2024 barley contract unchanged at A$332.20/t;
• AUD dollar gained 37 points to US$0.6691

International

Russian inspection teams repeatedly blocked the grain corridor on Tuesday, 11 April, by changing the order of vessels waiting to be inspected. The Joint Coordination Centre (JCC) confirmed it was unable to conduct inspections on April 11 as the parties needed more time to reach an agreement on operational priorities. Regular inspections were scheduled to resume yesterday (12 April). There are reportedly 50 vessels waiting to be granted permission to move through to Ukrainian ports. 

“The prospects are not that good” for the extension of Black Sea grain corridor beyond May 18, Kremlin spokesman Dmitry Peskov said on Wednesday, according to newswire service Interfax. One of the major sticking points is that Russia wants access restored to the SWIFT banking system which to date has been non-negotiable.  

Brazilian corn production continues to exceed expectations and national agricultural agency CONAB is expected to revise up its outlook for the 2022-23 crop when it releases new estimates today. Next season’s harvest may also be a record with the USDA FAS expecting Brazilian output to climb to 133Mt in 2023-24, up 6.4pc from the current season estimate. Rising demand from domestic and international markets will encourage farmers to keep investing in the crop. 

Brazil’s grain exporters association ANEC, has revised up its April soybean export forecast by 0.6Mt, to 14.4Mt, compared to 11.4Mt exported in April last year. Soymeal export forecast was revised up by 0.2Mt, to 2.1Mt (1.8Mt previous year). 

Refinitiv Commodities Research has left its 2023-24 EU wheat production forecast unchanged at 132.2Mt (126.0Mt previous year) and rapeseed unchanged at 20.4Mt (19.6Mt previous year). Weather across the past fortnight was mostly beneficial, but a significant drop in soil moisture was noted in Spain and Italy. Forecasts for mostly warm and wet weather in April should favour winter crop development, including in the very dry southwestern regions, where rainfall surpluses are predicted.  

India’s Meteorological Department reports that as at 11 April, cumulative March rainfall was estimated to be 22pc above the long-term average, with excessive or normal rainfall at 75pc of monitoring stations.  

Jordan’s state grains buyer reportedly purchased 60,000 tonnes of milling wheat from optional origins, at an estimated $303.30/t c&f for September shipment. 

Australia

Local markets continue to be a slow drag, with wheat values a buck or two softer in some zones, while barley continued to find some buying interest and stayed supported with track Victorian prices trading around the $320/mt level. Eastern Australian canola was off $5-10/t and WA values remained largely unchanged. 

ABS data reveal that Australia exported 2.99Mt of wheat in February, just shy of cracking 3Mt. China was again Australia’s biggest wheat buyer taking 646 000 tonnes which takes 2022-23 marketing year to date purchases to 3.25Mt, compared to 2.58Mt at the same time last year. Vietnam was our second biggest market taking 371kt and Thailand, third, took 327kt.