Market moves were mixed and moderate in overnight trading.
- Chicago wheat May 2023 contract down US4 cents per bushel to 776.25c/bu;
- Kansas wheat May 2023 contract up 4.25c/bu at 887.25c/bu;
- Minneapolis wheat May 2023 contract up 6.5c/bu to 923.75c/bu;
- MATIF wheat May 2023 contract down €2.75/t to €291/t;
- Black Sea wheat March 2023 contract unchanged at US$303.75/t;
- Corn May 2023 contract up 1c/bu to 675c/bu;
- Soybeans May 2023 contract up 1.75c/bu to 1521.25c/bu;
- Winnipeg canola May 2023 contract up C$1.10/t to $818.20/t;
- MATIF rapeseed May 2023 contract up €3/t to €553.25/t;
- ASX Mar 2023 wheat contract down A$3/t to $394/t;
- ASX Mar 2023 barley contract up A$1/t to $331/t;
- AUD dollar eased one third per cent to US$0.688.
SovEcon has revised up its forecast for Russia’s wheat exports in the year to June 30 by 100,000t to 44.2 million tonnes (Mt), well up on 39.1Mt in 2021-22.
With regard to Brazil, Refinitiv Commodities Research said sowing delays in the second or safrinha crop in some key growing areas due to wet conditions has cut forecast 2022-23 corn production to 126.5Mt. This is well above Conab’s February estimate of 123.7Mt Conab, and 113.1Mt seen in the previous year.
Conditions were mostly warm and dry in the eastern half of Brazil’s south-east, north and north-east regions in the past two weeks, while cool and wet weather slowed harvesting of the earlier corn crop and safrinha plantings in central and western areas. Forecast wet conditions may continue to hamper fieldwork.
The US has reported its net weekly wheat sales of 209,800t, up 60pc from the previous week, but down 32pc from the prior four-week average. Corn net sales of 1,024,500t were down 12pc from the previous week and 15pc from the prior four-week average. Soybeans sales of 512,800t were up 37pc from the previous week, but down 35pc from the prior four-week average
Japan’s MAFF reportedly purchased 76,203t of milling wheat, including 22,178t of US DNS with minimum 14pc protein, 31,000t of CWRS of minimum 13.5pc protein and 23,025t of Australian Standard White for March-April loading.
Local markets tracked sideways yesterday as values remained largely unchanged over the day through most of the commodity markets. Bids and offers remain wide and liquidity has slowed up. Northern feed markets still remain firm, despite the sorghum harvest gathering pace, with Downs barley holding ground above $400/t and SFW1 at the $395/t mark.
According to the BOM’s latest three-month outlook, released yesterday, a 60-80pc chance of below-median rainfall is likely for much of sub-tropical Western Australia, most of South Australia, south-west Queensland, the New South Wales slopes, central and western Victoria, and north-west Tasmania. The longer-range outlook for April-June is looking even drier, with the entire winter-cropping region looking at a high chance of below-median rainfall.
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