Gains of up to 2pc were seen in grain markets. Oilseeds were mixed, losses outweighing gains. The Brent crude price and the DowJones Industrials Average gained about 2pc.

• Chicago wheat March 2023 contract up US20.5 cents per bushel to 754.75/bu;
• Kansas wheat March 2023 contract up 29.25c/bu at 862.25c/bu;
• Minneapolis wheat March 2023 contract up 14.75c/bu to 916.25c/bu;
• MATIF wheat March 2023 contract up €3.50/t to  €306.25/t;
• Black Sea wheat March 2023 contract up US$0.25/t to $318/t;
• Corn March 2023 contract up 10c/bu to 654c/bu;
• Soybeans March 2023 contract down 22.75c/bu to 1465.5c/bu;
• Winnipeg canola March 2023 contract was up C$3.70/t to $858/t;
• MATIF rapeseed February 2023 contract down €10.25/t to €555.25/t;
• ASX Jan 2023 wheat contract settlement up A$1/t to $394/t;
• ASX Jan 2023 barley contract unchanged at A$310/t;
• AUD dollar weaker at US$0.675.

Russian missiles, artillery and drones hammered targets in eastern and southern Ukraine over the weekend. Odesa Port has resumed operations suspended after Russian attacks on the region’s energy system, a spokesperson for the infrastructure ministry said on Monday. Ukrainian Agriculture Minister Mykola Solsky said on Sunday that two other ports Chornomorsk and Pivdennyi were partially operating again.

Ukraine’s Ag Ministry reports that at 9 December cumulative 2022-23 (Jul/Jun) grain exports totalled 19.1Mt compared to 28.3Mt last year, including wheat 7.2Mt (15.1Mt), barley 1.5Mt (5.0Mt) and maize 10.2Mt (7.8Mt) 

Russia’s SovEcon expects December grain exports to reach at 4.5Mt, down from the 4.9Mt exported in November, but up compared to December last year.

Argentina cropping regions last weekend received better-than-expected rainfall which is forecast to linger in the north this week and the far south next week. More hot and dry weather is forecast after that. Brazilian corn and soybean crop areas saw good rains over the weekend, with more rain forecast for most areas in the next ten days. 

China’s National Bureau of Statistics reports that 2022-23 wheat production is estimated at 137.7Mt (+1pc on previous year), maize 277.2Mt (+2pc) and soybeans 20.3Mt (+24pc). 

Australia

Local markets started the week stable. Cash wheat grower bids were slightly firmer through SA and eastern states bids by the end of the day were largely unchanged. Yields in southern parts of NSW continue to come in below growers’ expectations while in Vic and SA they are above expectations. 

It remains a stop start harvest with some light showers pushing through parts of Vic today which will keep some growers off the paddocks. 

Significant volumes of grain continue to pour into the CBH Group network, with an additional 3 million tonnes delivered in the week to Sunday to take total receivals 13.4Mt and despite some rainfall events and harvest bans, sites continued to break records last week.

Graincorp received 1.8Mt last week, taking their total to 6.4Mt with the full spectrum of grades delivered being delivered into the network, including milling wheat and malting barley. The Central Queensland and Western Downs clusters have recorded their best winter crop harvest season, with over 10 sites breaking receival records to date.