Chicago SRW futures settle 2pc, lead other markets lower.
- Chicago wheat May 2023 contract down US16.25 cents per bushel to 780.25c/bu;
- Kansas wheat May 2023 contract down 12.25c/bu at 883c/bu;
- Minneapolis wheat May 2023 contract down 6.5c/bu to 917.25c/bu;
- MATIF wheat May 2023 contract down €3/t to €293.75/t;
- Black Sea wheat March 2023 contract down US$0.25/t to $303.75/t;
- Corn May 2023 contract down 5.75c/bu to 674c/bu;
- Soybeans May 2023 contract down 10.5c/bu to 1519.5c/bu;
- Winnipeg canola May 2023 contract down C$0.60/t to $817.10/t;
- MATIF rapeseed May 2023 contract down €3.25/t to €550.25/t;
- ASX Mar 2023 wheat contract up A$0.50/t to $397/t;
- ASX Mar 2023 barley contract down A$5/t to $330/t;
- AUD dollar eased one per cent to US$0.690.
International
FranceAgriMer, the French national establishment for agriculture and sea products, lowered its outlook for French 2022-23 soft wheat exports from 10.60Mt to 10.45Mt because of competition from Black Sea supplies but made a sharp upward revision (350kt) to its barley export forecast (2.8Mt) after a surge in shipments to China. It noted French wheat prospects in North Africa were curbed by competition from Black Sea origins, including Russian wheat in Algeria, while Chinese demand for French wheat appeared thin for the rest of the season. After a slow start to the export campaign, traders have reported large sales of French barley to China, with several vessels loading in January and February.
Brazil’s Department of Rural Economy reported at 7 Feb, the 2022-23 soybean harvest in Parana was 7pc complete (2pc previous week, 3pc previous year), with conditions rated 84pc good (81pc previous week, 76pc previous year). First (full-season) corn harvest was 7pc complete (4pc previous week, 21pc previous year), with conditions rated at 83pc good (82pc previous week, 68pc previous year). Second (safrinha crop) maize sowings were at 12pc complete (4pc, 8pc), with conditions rated 100pc good (100pc, 96pc).
Brazil grain exporters’ association, Anec, cut its Feb soybean export forecast by 0.3Mt, to 9.4Mt (9.1Mt Feb last year), while soymeal shipments were seen 0.1Mt higher, at 1.9Mt (1.6Mt last year).
According to India’s Dept. of Agriculture 2022-23 wheat production was forecast at 112.2Mt (107.7Mt previous year). Corn production was seen at 34.6Mt (33.7m previous year). Sorghum production was forecast at 4.1Mt (4.2Mt) and rapeseed at 12.8Mt (12.0Mt).
Russia’s Ag Ministry reported. at 14 Feb winter crop condition were rated 95pc good/satisfactory.
Jordan’s state grains buyer reportedly sought 120,000t feed barley for Jun/Jul shipment and 120,000t milling wheat from optional origins, Jun/Jul shipment.
An importer in Thailand reportedly purchased 60,000t feed wheat, expected to be sourced from Australia, at $337/t c&f, July shipment.
US private exporters reported sales of 213,370t corn for delivery to Mexico during 2022-03 marketing year.
Australia
Local markets ticked a little higher on the boards yesterday through wheat strength such as Port Adelaide, where AGP1 and ASW1 values were firmer by $2-3/t. Delivered Geelong/Melbourne values were largely unchanged. Northern feed markets remained supported with Downs barley bid around $395/t and SFW1 bid at similar values.
Australia is in for a hot and dry weekend. The Bureau of Meteorology said low-to-severe -intensity heatwave conditions continue over inland WA. A Heatwave Warning is current. Heatwave conditions will be moving into parts of southeast Australia from Thursday.
We are likely to see the hottest weather we have seen this summer for several days from today with weekend temperatures over 40C expected in parts of New South Wales, Queensland and Victoria.
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