Rapeseed eased 2pc. Canola and the US grains oilseeds complex prices gained about 1pc and the macros overnight were practically stable.
- Chicago wheat December contract up US9.75 cents per bushel to 828.25c/bu;
- Kansas wheat December contract up 6.75c/bu at 963c/bu;
- Minneapolis wheat December contract up 11c/bu to 974c/bu;
- MATIF wheat December contract down €4.50/t to €319.50/t;
- Black Sea wheat December contract down US$0.25/t to $318.25/t;
- Corn December contract up 9.5c/bu to 666.75c/bu;
- Soybeans March 2023 contract up 17c/bu to 1461.75c/bu;
- Winnipeg canola March 2023 contract was up C$8.10/t at $884.60/t;
- MATIF rapeseed February 2023 contract down €12/t to €614/t;
- ASX Jan 2023 wheat contract down $A0.70/t to $469.30/t ;
- ASX Jan 2023 barley contract unchanged at A$327.50/t;
- AUD dollar firmer at US$0.672.
Three days out from export-corridor renewal and Poland is looking into the cause of a deadly explosion that happened yesterday near its border with Ukraine. It seems the remains of a Russian missile that may have been shot down by Ukraine have hit a farm killing two people, local media reported. There has been no official confirmation but as Poland is part of NATO this could be a different escalation. Russia is denying any involvement.
The Polish Government is now verifying whether there are grounds to trigger Article Five of the NATO treaty. Addressing the media, the government also said it expected to make contact with the US, and is increasing its military readiness.
Explosions in Poland came on the same day that Russia launched a widespread missile attack on Ukraine, one of the broadest aerial assaults since the invasion began. Kyiv and Kharkiv were among the major cities hit. Roughly 100 Russian missiles were aimed primarily at Ukraine’s electrical infrastructure, but Ukraine said it had shot 70 down. Russia is focusing on Ukraine’s ability to provide power to its residents as winter looms.
Prior to all of the above happening the Russian Foreign Minister told reporters at the G20 summit in Bali yestersay that the United Nations had told him of written US and EU promises to remove the obstacles that are hindering Russia’s ability to export grains and fertilisers, something that the extension of the export corridor will depend on.
Importers in China have bought two cargoes of French wheat in the past week for shipment between January and March, adding to large sales this season for lower-protein French crop, European traders said.
Japan is seeking 95,000t of wheat for late February arrival in its regular weekly tender, including 35,000t from the US and 60,000t from Canada.
Jordan made no purchase in its tender for 120,000t of wheat.
Markets again remained largely unchanged on the boards yesterday with still so much uncertainty on the East Coast. Jan ASX wheat futures settled a fraction lower valued at $469.30/mt
The forecast is not looking great for South Australia and Victoria, with showers expected over the next eight days. The forecast is better for New South Wales and southern Queensland with lower total rainfall expected. Any rainfall at the moment will add to the dire situation many are in.