Offshore prices mostly gained a little overnight. Yesterday’s Australian wheat futures gained 1 1/2pc and barley about 1pc.
- Chicago wheat May 2023 contract up US5 cents per bushel to 800.75c/bu;
- Kansas wheat May 2023 contract up 3.5c/bu at 900.5c/bu;
- Minneapolis wheat May 2023 contract up 0.25c/bu to 923.25c/bu;
- MATIF wheat May 2023 contract up €2.25/t to €296.50/t;
- Black Sea wheat March 2023 contract down US$0.25 to $304/t;
- Corn May 2023 contract up 4c/bu to 682.25c/bu;
- Soybeans May 2023 contract up 2.5c/bu to 1536c/bu;
- Winnipeg canola May 2023 contract down C$3.80/t to $820.80/t;
- MATIF rapeseed May 2023 contract up €4.75/t to €555.25/t;
- ASX Mar 2023 wheat contract up A$6/t to $397/t;
- ASX Mar 2023 barley contract up A$3.50/t to $335/t;
- AUD dollar gained fifty points to US$0.697.
The USDA FAS attaché in Argentina pegged 2022-23 wheat exports at 6.2Mt, 1.3Mt lower than the USDA official forecast. Barley exports, pegged at 2.3Mt, are 400,000 tonnes lower than the USDA forecast. Corn production is pegged at 45Mt (official USDA 47Mt). The FAS attaché update noted that very dry conditions had severely affected the early planted corn, while the late corn could still reach almost average production, if rains were to come in February and March. Due to these poor growing conditions, corn exports were pegged down to 32.2Mt (USDA 35Mt).
Officials from IMF and Ukraine will meet this week following reports Ukraine is seeking a multibillion-dollar loan to help it deal with the devastating financial impact of war.
Ukraine’s Ag Ministry reported as of 13 February cumulative grain exports since July 1 were 29.3Mt, down almost 29pc from last year’s pace. The total included 10.4Mt of wheat (17.6Mt previous year), 16.7Mt of corn (17.4Mt previous year), and 1.9Mt of barley (5.5Mt previous year).
Brazilian consultancy AgRural estimated the country’s 2022-23 soybean harvest at 17pc complete last Thursday, down from 24pc last year.
India Meteorological Department reported the impact of above normal temperatures on wheat crops in the northern parts of the country was limited, so far, while increased irrigation may help alleviate the negative influence of unfavourable weather conditions. However, yield potential may be curbed if elevated temperatures were to persist. Crops are expected to enter the crucial grain filling stage during late February/March.
The twentieth annual statement by China about agriculture and rural affairs titled No. 1 central document was published yesterday. It outlined nine tasks comprehensively promoting rural vitalisation in 2023 calling for enhanced efforts to stabilise production, to ensure supply of grain and important agricultural products, to boost the construction of agricultural infrastructure, to strengthen support for agricultural science, technology and equipment, to consolidate and expand the achievements of poverty alleviation, and to promote the high-quality development of rural industries.
Importers from The Philippines reportedly purchased around 110,000t feed wheat in a tender last Friday, at US$332-335/t C&F for June- July shipment with Australia the expected origin.
Monday’s markets were firmer, wheat depot bids up $5-10/t across the country, delivered markets also firmer by $5-7/t. Barley also firmed. Canola was largely unchanged.
According to ABS data Australian wheat exports almost doubled in December 2022, when 2.67Mt was shipped, up 49pc from November. China was the biggest buyer at 859kt, followed by Indonesia (381kt) and the Philippines (295kt). The feed barley December total, at 1.06Mt, was more than double November. Saudi Arabia, the major buyer, took around half, followed by Japan (178kt) and Iran (64kt). Sorghum exports were down 55pc at 47,791 tonnes in December, reflecting a rundown of stocks.