US corn prices fell 6pc and US wheat prices fell 5pc, soybeans and canola about 4pc.
- Chicago wheat December contract down US42.25 cents per bushel to 830.25c/bu;
- Kansas wheat December contract down 47.5c/bu to 875.75c/bu;
- Minneapolis wheat December contract down 45.25c/bu to 931.25c/bu;
- MATIF wheat December contract down €10/t to €332.50/t;
- Black Sea wheat December contract down $4/t to $351/t;
- Corn September contract down 42.5c/bu to 586.5c/bu;
- Soybeans November contract down 62c/bu to 1343c/bu;
- Winnipeg canola November 2022 contract down C$32.30/t to $834.40/t;
- MATIF rapeseed November 2022 contract down €21.25/t to €678.75/t;
- ASX July 2022 wheat contract up A$6/t to $418/t;
- ASX Jan 2023 wheat contract down $3/t to $427/t;
- AUD dollar firmer at US$0.675.
The July WASDE report released overnight contained no major surprises in the report, but markets sold off again after its release.
Talks between Russia, Ukraine, Turkey and the United Nations reportedly were being held in Turkey today to unblock Ukraine’s grain exports. There was not much optimism for a positive outcome given Russia’s increased attacks on Ukraine.
The French Agriculture Ministry said it estimated soft wheat production at 32.9 million tonnes (Mt), down 7.2pc compared with previous year. This would put production 5.9pc below the five-year average. Yields were seen at 6.99 t/ha, compared with 7.11 t/ha last year. French grain crops suffered rainfall deficits, heat and storm damage this season. It had been one of its hottest and driest springs on record. Durum wheat harvest is seen at 1.3Mt, the lowest since 2003. Barley harvest seen at 11.2Mt, down 2.4pc compared with previous year. Rapeseed harvest was seen at 3.98Mt, up 20pc compared with previous year.
USDA crop progress report overnight said corn silking was at 15pc complete nationally versus 24pc this time last year and the 5-year average 25pc. Corn silking will be peaking in most areas over the next 2-3 weeks. Soybean blooming is 32pc vs 44pc this time last year (5 year average of 38pc). Soybean blooming is now increasing across the Midwest and will be peaking over the next 2 weeks. Temperatures will be near normal levels this week, but hotter weather is expected during the 6-15 day period, which may impact corn and soybean development.
Yesterday’s local markets were a mixed bag. New crop wheat and barley values were a touch softer. Canola was up $10-15/t. Old crop delivered wheat bids were a touch stronger for August homes. WA ASW1/APW2 wheat trading actively yesterday.
The next 4 days are looking relatively dry for most winter cropping regions, except southern WA. Rain forecasts start to build from Sunday for most of southern WA and south east Vic with totals up to 25mm. Most of SA, NSW and Qld are forecast to receive less than 10mm.