Markets moved mostly less than 1pc overnight.
- Chicago wheat December contract down US2.5 cents per bushel to 827.75c/bu;
- Kansas wheat December contract down 5.5c/bu to 870.25c/bu;
- Minneapolis wheat December contract down 4c/bu to 927.25c/bu;
- MATIF wheat December contract up €1.75/t to €334.25/t;
- Black Sea wheat December contract up $2/t to $353/t;
- Corn September contract up 8.75c/bu to 595.25c/bu;
- Soybeans November contract up 6.5c/bu to 1349.5c/bu;
- Winnipeg canola November 2022 contract down C$4.50/t to $829.90/t;
- MATIF rapeseed November 2022 contract down €6.50/t to €672.25/t;
- ASX July 2022 wheat contract down A$10.50/t to $407.50/t;
- ASX Jan 2023 wheat contract down $7/t to $420/t;
- AUD dollar firmer at US$0.676.
Turkey announced a deal with Ukraine, Russia and the United Nations on Wednesday aimed at resuming Ukrainian grain exports. Turkish Minister of National Defence Hulusi Akar said the deal would be signed when the parties met again next week and included joint controls for checking grains in ports and Turkey ensuring the safety of Black Sea export routes for Ukrainian grain. Turkey would also set up a coordination centre with Ukraine, Russia and the United Nations for grain exports. During all of this neither Russia or Ukraine has commented. Does the Russian hard line of sanctions needing to be removed for any deal to progress stand? Will Ukraine willingly remove mines? Who gets the revenue? It is all still a bit of a mystery as to how this will actually work.
Ukrainian Foreign Minister Dmytro Kuleba on Wednesday ruled out ceding territory to Russia as part of any peace deal and said no peace talks were under way between Moscow and Kyiv. “The objective of Ukraine in this war… is to liberate our territories, restore our territorial integrity, and full sovereignty in the east and south of Ukraine,” he told a briefing.
A heatwave sweeping across southern China is threatening crops and adding strain to the local power grids, as they become the latest region around the world battling high temperatures. Hot and dry weather could lower corn and soybean yields in US producers including Indiana, Michigan and Minnesota over the next two weeks, according to Commodity Weather Group. In the European Union, hot weather is also stressing corn crops in the midst of their key pollination phase. A heat wave in southern France is expected to last the next several days.
Local values were yet again a mixed bag. New crop wheat basis firmed and exporter selling activity increased over the day.
The logistics battle keeps building, a massive operation underway to repair a critical rail line in the Blue Mountains after a landslide last week will see it closed for a month. Planning is underway to reopen one track from 24 July to allow only the movement of critical freight, and likely only at night. This comes on top of slippages on the Newcastle line and a recent derailment near Yass which have all combined to create significant disruptions throughout the network.