Soybeans gained hard post WASDE. Wheat dawdled.
- Chicago wheat December contract down US10.75 cents per bushel to 858.75c/bu;
- Kansas wheat December contract down 2.25c/bu to 927c/bu;
- Minneapolis wheat December contract down 1c/bu to 926.5c/bu;
- MATIF wheat December contract down €2.25/t to €335.50/t;
- Black Sea wheat December contract down $.50/t to $320/t;
- Corn December contract up 11c/bu to 696/bu;
- Soybeans November contract up 76c/bu to 1488.25c/bu;
- Winnipeg canola November 2022 contract was up C$28.50/t to $799.70/t;
- MATIF rapeseed November 2022 contract up €7/t to €604.75/t;
- ASX Jan 2023 wheat contract unchanged at A$402.50/t;
- ASX Jan 2023 barley contract unchanged at A$310/t;
- AUD dollar firmer at US$0.688.
USDA estimates 2022-23 US corn yield at 172.5 bushels per acre, in line with trade expectations but surprises the trade by cutting 1 million acres off harvested acres, putting the crop 415 million bushels (10.5Mt) down from August.
USDA also surprised the trade cutting 2022-23 soybean yield by 1.4 bushels to 50.5 bushels per acre, below the lowest of the trade estimates. It also cut soybean harvested acres, further cutting production and reducing soybean ending stocks about 15pc below the trade ending stock expectation.
Ukrainian farmers are likely to cut winter grain planted area by at least 30pc this year because of higher prices for seeds and fuel combined with a low selling prices of their grain, the Ukrainian Agrarian Council (UAC) said on Monday. It said, in addition to low grain price, the main reasons agricultural producers reduce sown areas include the high cost of fertilizers and problems with the sale of grain.
In an attempt to alleviate food shortage, French transport minister Clément Beaune told France Inter radio on Sunday he would sign an agreement with Romania, covering exports by land, sea and river, to help increase Ukrainian grain exports to Europe and developing countries including to the Mediterranean.
Rail operators in the US are moving resources around preparing for a possible nationwide strike on 17 September, just as the 2022 harvest ramps up. There is concern that rail transport will be impacted at a time when it is needed to move corn from surplus production areas, in the eastern corn belt, to big deficit areas in the west where feedlots are expected to be short this year.
Monday’s local markets were mixed. Trade wheat markets gained $4-5/t over the course of the day, and firmer new crop grower bids fell away by $4-5/t as the day went on. Canola bids eased $5-10/t. Barley gained a little.
The 8-day forecast is for another wet week across NSW, Vic, SA and southern WA, predicting widespread 15-50mm.