Friday trading saw wheat markets lift 2-3pc
- Chicago wheat March contract up US26.25cents per bushel to 797.75c/bu;
- Kansas wheat March contract up 23.25c/bu to 824.25c/bu;
- Minneapolis wheat March up 19.25c/bu to 961.5c/bu;
- MATIF wheat March contract up €7.25/t to €268.75/t;
- Black Sea wheat March contract up $5.25 to $320.50/t;
- Corn March contract up 9.25c/bu to 651c/bu;
- Soybeans March contract up 8.75c/bu to 1583c/bu;
- Soybean oil up 2pc;
- Winnipeg canola May 2022 contract down C$5/t to $1000.60/t;
- MATIF rapeseed May 2022 contract up €5.25/t to €691.50/t;
- ASX March 2022 wheat contract A$2/t weaker at $358/t;
- ASX Jan 2023 wheat contract $4/t weaker at $358/t;
- AUD dollar weaker at US$0.712;
- Dow Jones Industrials Average down 1pc.
Concerns about Russia invading Ukraine appear to be mounting, and markets were up accordingly. One US official said on Friday that Russia could invade at at any time, even before the February 20 end of the Winter Olympics, and urged Americans to leave Ukraine within the next 48 hours.
The market was still digesting CONAB’s cuts to its estimates for Brazilian soybean production, and what that means for the US balance sheet ahead of the US growing season. The strong market indicates an above-average area may be planted to soybeans in the US this year.
Local markets finished the week steady but canola values firmed throughout Friday. Logistics are providing headaches on the sorghum front, with big wait times to unload at depots, but the weather forecast remains clear for another week of harvesting.
The South Australian and Federal government have provided assistance to Eyre Peninsula to help it recover damage to paddocks and roads caused by recent heavy rain.
Source: Lachstock Consulting