Soybeans, rapeseed and Australian wheat futures gained a little more than 1pc. The US dollar index eased and Brent crude oil gained another 3pc.

• Chicago wheat March 2023 contract down US4 cents per bushel to 750.75/bu;
• Kansas wheat March 2023 contract up 3c/bu at 865.25c/bu;
• Minneapolis wheat March 2023 contract up 6.5c/bu to 922.75c/bu;
• MATIF wheat March 2023 contract down €0.75/t to  €305.50/t;
• Black Sea wheat March 2023 contract down US$5.25/t to $312.75/t;
• Corn March 2023 contract down 0.5c/bu to 653.5c/bu;
• Soybeans March 2023 contract up 19c/bu to 1484.5c/bu;
• Winnipeg canola March 2023 contract was up C$4.20/t to $858.50/t;
• MATIF rapeseed February 2023 contract up €8/t to €563.25/t;
• ASX Jan 2023 wheat contract settlement up A$4/t to $398/t;
• ASX Jan 2023 barley contract unchanged at A$310/t;
• AUD dollar firmer at US$0.686.

Russia’s Ag Ministry has forecast 2023 wheat production target of 80-85 million tonnes (Mt).

Rusagrotrans, Russia’s rail infrastructure operator, estimates July to November wheat exports at 20Mt (18.7Mt previous year), including 3.6Mt to Turkey, 3.1Mt to Egypt and 1.7Mt to Iran. 

France’s Farm Ministry has estimated 2023 soft wheat planted area at 4.75 million hectares, up 1.7pc from last year and slightly above the five-year average. Winter barley and rapeseed plantings are also seen higher year on year. 2022 corn production was revised down again from 10.74Mt to 10.58Mt, now over 30pc below last year’s record harvest and 23pc below the 5-year average.
 

According to Brazil’s AgRural, as at 12 Dec, 2022-23 soybean planting was estimated at 95pc complete (91pc previous week, 96pc previous year). Although recent rains were poorly distributed, there are no signs yet of crop losses and rains are forecast for much of the country in the coming days. First (full-season) maize plantings at 96pc complete (93pc previous week, 96pc previous year). With some early sown crops in Rio Grande do Sul now in the key reproductive development phase under dry and hot weather, some yield losses are expected 

Japan is seeking 155,000t milling wheat in their regular weekly tender, including 65,000t from the US, 64,000t from Canada, and 26,000t from Australia. 

Australia

Wheat and barley bids to growers were firmer and trade values were $5/t stronger. Canola and pulses bids remained steady. 

There was action in WA throughout the day on Clear Grain Exchange. ASW1 wheat volume traded at $335/t FIS and barley trading in the Kwinana port zone at $285/t FIS.
Growers are still battling the cooler conditions and harvest is very much either stop/start or switch to different commodity at present. Growers are switching back onto pulse crops through Vic and SA. Clear skies are forecast widespread for the next 4 days.