ASX eastern and US Hard Red Spring wheat contracts eased 2pc. Brent crude oil gain yet another 2pc.

• Chicago wheat March 2023 contract down US1.5 cents per bushel to 749.25/bu;
• Kansas wheat March 2023 contract down 15c/bu at 850.25c/bu;
• Minneapolis wheat March 2023 contract down 5.5c/bu to 917.25c/bu;
• MATIF wheat March 2023 contract down €3/t to  €302.50/t;
• Black Sea wheat March 2023 contract down US$0.75/t to $312/t;
• Corn March 2023 contract down 3c/bu to 650.5c/bu;
• Soybeans March 2023 contract up 0.5c/bu to 1485c/bu;
• Winnipeg canola March 2023 contract was up C$2.20/t to $860.70/t;
• MATIF rapeseed February 2023 contract down €1.25/t to €562/t;
• ASX Jan 2023 wheat contract settlement down A$8/t to $390/t;
• ASX Jan 2023 barley contract unchanged at A$310/t;
• AUD dollar unchanged at US$0.686.

Ukraine’s Grain Traders Union has reportedly urged the government to prioritise electricity supplies to grain silos amid ongoing attacks to the country’s energy infrastructure, to limit spoilage and enable exports of agricultural products. 

The US is poised to send Patriot air and missile defence batteries to Ukraine pending final approval from President Joe Biden. 

USDA’s Ukraine attaché has projected the 2022-23 corn crop at 23.1Mt, down from 25.8Mt last month and well below Friday’s WASDE number of 27Mt. A third of Ukraine’s corn crop is still standing in fields as winter sets in, with harvest impacted by record Autumn rainfall and Russian attacks.
According to Russia’s Ag. Ministry, 2023-24 grain production is projected at 125.0-127.0Mt compared to 150Mt in 2022-23. 

China is facing a “very tough” time as it dismantles its rigid “zero-Covid” policy and allows people to live with the virus, posing challenges preparing hospitals and ensuring people are sufficiently protected, the World Health Organization (WHO) said.

Brazil’s Dept. of Rural Economy reports that as at 12 Dec, 2022-23 first (full season) maize conditions in Parana state rated 82pc good (82pc week ago, 77pc year ago). Soybean planting at 100pc complete (99pc, 100pc), conditions at 90pc good (91pc, 71pc).

Brazilian government data showed cumulative soybean exports to China over the first 11 months of 2022 at 52.5Mt, down 13pc from last year. 

FranceAgriMer raised their estimate for 2022/23 French soft wheat exports outside the European Union, from 10.0 to 10.3Mt which is a new three-year high.

Philippines importers purchased around 119,000 t feed wheat, likely from Australia, at $330-$335 c&f, for Mar-Apr shipment. 

Tunisia has tendered for 100,000t optional-origin durum for Jan- Feb shipment. 

Australia

Local cash boards remained relatively unchanged again yesterday, with a lull in harvest action at the moment due to weather it seems to be keeping liquidity at bay.
Bid offer spreads through delivered markets in Victoria remained wide and we saw some SFW bids pop up into export pathways for first half of January which is still going to be tight given the delay to the wheat harvest through Vic.
A series of cold fronts brought showers, gusty winds and low temperatures to south-east Australia this week. NSW and Vic have recorded minimum temperatures 12 degrees below average. Griffith’s Tuesday low of 4.2C was the town’s equal-coldest summer temperature on record and the mercury dipped to -5.4C at Mt Hotham on Wednesday making it the coldest summer day on record.