Oilseeds markets eased. Wheat market gains outnumbered losses.
- Chicago wheat May 2023 contract up US5.25 cents per bushel to 684.5c/bu;
- Kansas wheat May 2023 contract up 2.25c/bu at 800.5c/bu;
- Minneapolis wheat May 2023 up 8c/bu to 832.5c/bu;
- MATIF wheat May 2023 down €5.25/t to €267/t;
- Black Sea wheat May 2023 up US$1.50/t to $289.75/t;
- Corn May 2023 contract down 3.75c/bu to 613.5c/bu;
- Soybeans May 2023 contract down 15.75c/bu to 1491.25c/bu;
- Winnipeg canola May 2023 contract down C$10/t to $767.80/t;
- MATIF rapeseed May 2023 contract down €7.75/t to €485.25/t;
- ASX May 2023 wheat contract up A$10/t to $405.50/t;
- ASX January 2024 wheat contract down A$1.50/t to $400/t;
- ASX January 2024 barley contract up A$9/t to 330.50/t;
- AUD dollar gained 90 points to US$0.6668
The office of the UN Secretary-General said talks between Russian and UN officials in Geneva occurred yesterday, and a more extensive statement would be released. “The United Nations remains totally committed to the Black Sea Grain Initiative, as well as our efforts to facilitate the export of Russian food and fertilizer,” it said. Ukraine Minister of Infrastructure tweeted “We’re waiting for the official position of the UN and Turkey as the guarantors of the initiative.” Russia’s Deputy Foreign Minister Sergey Vershinin said in a statement that Moscow wouldn’t object to extending the agreement when it expires on March 18, but only for a period of 60 days. His statement said Russia’s further stance would be determined upon the tangible progress on normalisation of our agricultural exports, not in words, but in deeds. It referenced issues including bank payments, logistics, insurance, and the reopening of a key ammonia pipeline.
Russia harvested 157.7Mt of grain last year, 30pc higher than in 2021, Interfax reported, citing state statistics agency Rosstat. The total included 104.2Mt of wheat, 37pc more than in 2021.
Agribusiness consultancy Safras & Mercado Brazil estimated that as at 10 Mar, the 2022-23 soybean harvest was 49pc complete (43pc previous week, 61pc previous year).
The Ukraine Ministry of Agrarian Policy and Food projected 2023-24 spring grain sowing area at 5.7Mha (-3pc on previous year).
The Hydrometerological Centre of Russia reported that around 5-6pc of 2023-24 winter crops suffered damage over the cold season, with good or satisfactory crop conditions expected in most areas. Damage was most likely seen in the North Caucasus, Volga and Siberia regions.
South Korea’s Major Feedmill Group (MFG) reportedly purchased around 125,000t feed wheat from optional origins with 60kt at US$309.90/t c&f and 60kt at $305.00/t c&f, both for Sep arrival.
Saudi Arabia’s General Food Security Authority reportedly purchased 1Mt milling wheat via tender for Jul-Aug arrival. No price or origin details.
Local markets were quiet with the public holiday Monday in SA and Victoria.
The forecast rainfall event over the last 4 days certainly delivered, particularly for Qld and northeast NSW with 25-100mm recorded over a wide area with Qld picking up the higher totals as expected. Patchy totals over central and southern NSW also resulted in 15-50mm, with isolated falls over 100mm in the Riverina leading to flash flooding in some areas.