Wheat market moves were mixed and modest, while corn and oilseeds rose.
- Chicago wheat March contract up US0.75cents per bushel to 780.5c/bu;
- Kansas wheat March contract up 2c/bu to 808c/bu;
- Minneapolis wheat March down 1c/bu to 952c/bu;
- MATIF wheat March contract down €3.75/t to €263/t;
- Black Sea wheat March contract down $4.50/t to $309.25/t
- Corn March contract up 9c/bu to 647c/bu;
- Soybeans March contract up 36.25c/bu to 1587.5c/bu;
- Soybean meal and oil both up 2pc.
- Winnipeg canola May 2022 contract up C$10.10/t to $1000.70/t;
- MATIF rapeseed May 2022 contract up €14/t to €702.25/t;
- ASX March 2022 wheat contract A$1/t firmer at $364/t;
- ASX Jan 2023 wheat contract $1/t weaker at $365.50/t;
- AUD dollar firmer at US$0.720.
Soybeans rallied in overnight trade on news of a fire in Louis Dreyfus’s Claypool, Indiana crushing plant, closing the plant for an indefinite amount of time. On Phase One of the China-US trade deal, US President Joe Biden indicated that China was $100 billion short of meeting its obligations. The market will be looking for a big US export sales week for soybeans.
Wheat bids fell A$5-6/t across the east coast, while offers were largely unchanged in South Australia and Western Australia. Barley was also steady, and canola values were off $3-5/t with the softer MATIF and Winnipeg markets.
The market continues to price feed wheat from central and southern NSW that works back into South Australia’s domestic market as it continues to grow year on year. We also saw strength in the quality wheat market along the Victorian-SA border sites that potential flow into SA.
Models are forecasting 20-25 millimetres of rain for Queensland and northern New South Wales after a dry run. Quality of sorghum currently being harvested is good, and meeting the top SORG1 grade.
Source: Lachstock Consulting