Daily Market Wire 16 August 2022

Lachstock Consulting August 16, 2022

Oilseeds fell at least 3pc. Corn closed 2pc lower. The US dollar regained ground lost a week ago.

  • Chicago wheat December contract down US4.75 cents per bushel to 817.75c/bu;
  • Kansas wheat December contract down 7.5c/bu to 885c/bu;
  • Minneapolis wheat December contract down 9.5c/bu to 922.5c/bu;
  • MATIF wheat December contract up €1/t to €329.50/t;
  • Black Sea wheat December contract down $1/t to $345/t;
  • Corn December contract down 14c/bu to 628.25c/bu;
  • Soybeans November contract down 42c/bu to 1412.25c/bu;
  • Winnipeg canola November 2022 contract was down C$26.60/t to $836.40/t;
  • MATIF rapeseed November 2022 contract down €24/t to €632.25/t;
  • ASX Jan 2023 wheat contract down A$5/t to $405/t;
  • ASX Jan 2023 barley contract down A$16/t to $300/t;
  • AUD dollar weaker at US$0.702.


Sixteen outbound vessels with around 450,000t cargo, mainly corn, have left the Odesa terminals, and several in bound vessels have arrived. According to a spokesperson, a ship has docked in Ukraine to collect wheat for shipment to Djibouti, where it will be unloaded and sent on to the World Food Program’s operations in Ethiopia. According to the Ukrainian Defence Ministry, the vessel is docked in Pivdennyi port and is expected to be loaded with more than 23,000t wheat.

Ukraine’s Ag Ministry reports that as at 15 Aug, cumulative 2022/23 (Jul/Jun) Ukraine grain exports totalled 2.7Mt, compared to 4.9Mt one year earlier, the Ministry of Agrarian Policy and Food reported as at 15 August. It included 658,000t wheat (2.1Mt year earlier), 226,000t barley (1.7Mt) and 1.8Mt corn compared with 1.1Mt a year earlier.

In Canada above normal temperatures in previously wet areas have aided crop development in central and northern parts of Alberta according to its provincial crop report, but in the south conditions have dried significantly.

Alberta 2022/23 crop conditions were rates as follows;

  • Spring wheat 77pc good/excellent (80pc fortnight ago, 20pc year ago),
  • barley 71pc (73pc, 17pc) and,
  • canola 69pc rated good/excellent compared with 69pc a fortnight ago and 15pc a year ago.

China’s Ministry of Agriculture has deployed 25 teams to low water sections of the Yangtze River to take action to protect 2022/23 autumn crops with pumps and cloud-seeding technology. Yangtze River Water Resources Commission said July saw 30pc below normal rainfall in the river drainage area. August rainfall to date was about 60pc lower than normal.


Eastern Australian current and new crop SFW bids were $3-5t softer. Track canola new crop gained $15/t and barley prices gained a couple of bucks.

Rainfall totals for the week ending 15 August were variable for southern Qld, with 10-25mm received. NSW totals, although less than forecast, were still too much for many with 25-50mm falling over large areas of northern NSW and 10-25mm over southern NSW. It does not take much at the moment to saturate paddocks. Most of Vic recorded at least 10mm with parts of the south east receiving 25-100mm. SA saw some good 10-25mm falls and southern WA received 10-25mm.

Grain port congestion is not improving.  Wait times this week in Kwinana still are 30 days and there are 12 vessels anchored. In Geraldton wait times increased to 25 days with 4 vessels anchored. There are currently 22 grain vessels anchored at Australian ports.

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