Friday’s grains markets gained, oilseeds eased.

• Chicago wheat May 2023 contract up US15.5 cents per bushel to $682.5c/bu;
• Kansas wheat May 2023 contract up 33.5c/bu to 878.75c/bu;
• Minneapolis wheat May 2023 up 26.75c/bu to 876.25c/bu;
• MATIF wheat May 2023 up €2.75/t to €250/t;
• Black Sea wheat May 2023 up $0.75/t at $279.50/t;
• Corn July 2023 contract up 10.25c/bu to 635.75c/bu;
• Soybeans July 2023 contract down 6c/bu to 1467.25c/bu;
• Winnipeg canola July 2023 contract down C$5/t to $736.30/t;
• MATIF rapeseed August 2023 contract down €4.25/t to €440.75/t;
• ASX January 2024 wheat contract down $3/t to $387/t;
• ASX January 2024 barley contract unchanged at A$332.20/t;
• AUD dollar eased 1 per cent to US$0.6710

International

Concern is mounting over the extension of the Black Sea Grain Initiative. United Nations spokesman Stéphane Dujarric said the Secretary-General had written letters to the parties and the UN was diligently working in close collaboration with Turkey to maintain the continuation of the vital agreement. It could come to an end on 18 May if differences, such as insistence by Russia that state bank Rosselkhzbank be reinstated to the SWIFT global financial communications system and the West opposing view, were not resolved.  

The Government of Poland said it would temporarily prohibit grain and other food imports from Ukraine as it sought to address the rising anger of Polish farmers, said to be losing huge amounts of money to a glut of Ukrainian grain on the market. The leader of Poland’s governing party, Jarosław Kaczyński, said that the Polish countryside was facing a moment of crisis and that, while Poland supported Ukraine, it was forced to act to protect its farmers.

There is no relief on the forecast for the struggling US HRW wheat crop, with soaking rain needed ASAP for conditions to improve from their record low rating.  

US Private exporters reported sales of 382,000t corn for delivery to China, comprising 246,000t for delivery during the 2022-23 marketing year and 136,000t for the 2023-24 marketing year.

FranceAgriMer reported the condition of French soft wheat crops improved in the week to 10 April, with 94pc rated good/excellent (93pc previous week, 92pc previous year). Winter barley rated at 92pc good/excellent (92pc, 87pc) and spring barley at 95pc (97pc, 92pc).

China’s Ministry of Agriculture and Rural Affairs issued an action plan on Friday proposing the inclusion rate of soybean meal in animal feed rations be reduced to under 13pc by 2025, down from 14.5pc in 2022. China is trying to reduce its heavy reliance on soybean imports. In a statement is said the new plan would guide the feed industry to reduce the amount of soybean meal, promote the saving and consumption reduction of feed grains, and contribute to ensuring the stable and safe supply of grain and important agricultural products.

Algeria’s state grains agency (OAIC) reportedly purchased up to 450,000t durum, likely from Mexico and Canada, at prices estimated to be in the range of $412-$424/t c&f and $422-$430/t c&f, for May/Jun shipment. 

Australia

Local markets went into the weekend amid quiet trade. Wheat prices continued to track sideways. Bids finished Friday a touch softer and there was little liquidity. Barley remained bid. Malting barley in WA traded $355/t FIS. Canola lost a few bucks.

The Chinese Ministry of Commerce released a statement on Friday saying the review of barley tariffs would begin on 15 April and would finish within one year. The Australian government had announced the review would be completed within 3-4 months. The ministry said the decision had been made in response to a request from the China Alcoholic Drinks Association to end the tariffs and made no mention of a deal with Australia. 

Australia exported 1.02Mt barley in February, more than double the January export. Saudi Arabia was the biggest market taking 278kt followed by Japan (150kt) and Thailand (130kt).