Wheat and corn markets firmed in overnight trading.
- Chicago wheat March contract up US1.5cents per bushel to 799.25c/bu;
- Kansas wheat March contract up 4.25c/bu to 828.5c/bu;
- Minneapolis wheat March up 4.5c/bu to 966c/bu;
- MATIF wheat March contract up €5.25/t to €274/t;
- Black Sea wheat March contract down $2/t to $318.50/t;
- Corn March contract up 5.75c/bu to 655.75c/bu;
- Soybeans March contract down 13c/bu to 1570c/bu;
- Soybean meal down 2pc.
- Winnipeg canola May 2022 contract down C$5.90/t to $994.70/t;
- MATIF rapeseed May 2022 contract down €6/t to €685.50/t;
- ASX March 2022 wheat contract A$8/t firmer at $366/t;
- ASX Jan 2023 wheat contract $15/t firmer at $373/t;
- AUD dollar unchanged at US$0.712;
The impact of lower South American soybean and corn production, and the potential for conflict in eastern Europe, has seemingly justified risk premiums. However, talk of a diplomatic resolution to the Russia-Ukraine dispute took some wind out of the market’s sails.
Wheat and corn markets firmed overnight. The US Soft Red and Hard Red winter wheat markets traded in big price ranges, US33c/bu and 44c/bu respectively, and both settled the day close to par.
International canola markets settled about 1pc lower.
In Monday trading, wheat rose A$5-$6/t, barley was a touch firmer on the offer side and canola values were higher in South Australia, while the east coast market was relatively unchanged.
The market was very active yesterday, with Clear Grain Exchange trading a touch over 100,000t for the day which saw wheat trade in WA, feed wheat in NSW, an canola and protein wheat in South Australia.
Light showers appear on the eight-day forecast for parts of northern New South Wales and southern Queensland, and these could cause some short minor delays for the sorghum harvest. A front bringing 15-25 millimetres for South Australia’s Eyre Peninsula is also on the forecast.
Source: Lachstock Consulting