With the exception of MATIF rapeseed, markets traded sideways to softer.
- Chicago wheat December contract down US10.75 cents per bushel to 817.5c/bu;
- Kansas wheat December contract down 7.5c/bu at 955.5c/bu;
- Minneapolis wheat December contract down 8.5c/bu to 965.5c/bu;
- MATIF wheat December contract down €0.25/t to €319.75/t;
- Black Sea wheat December contract unchanged at US$318.25/t;
- Corn December contract down 1.5c/bu to 665.25c/bu;
- Soybeans March 2023 contract down 27c/bu to 1434.75c/bu;
- Winnipeg canola March 2023 contract was down C$12.70/t at $871.90/t;
- MATIF rapeseed February 2023 contract up €2.25/t to €616.25/t;
- ASX Jan 2023 wheat contract down $A6.80/t to $462.50/t ;
- ASX Jan 2023 barley contract unchanged at A$327.50/t;
- AUD dollar firmer at US$0.674.
NATO Secretary General Jens Stoltenberg said on Wednesday a deadly explosion in Poland was probably the result of Ukrainian anti-aircraft fire and that it is not Ukraine’s fault. He said an investigation into the incident is ongoing, and preliminary analysis suggests the blast was likely caused by a Ukrainian missile fired to defend Ukrainian territory against Russian cruise-missile attacks.
Although an announcement is yet to be made, Turkish President Tayyip Erdogan told the G-20 meeting it looked like the grain deal will continue.
European Commission data showed cumulative soft wheat exports so far in 2022-23 are at 13.35 million tonnes (Mt), up almost 10pc from last year’s 12.2Mt pace. Algeria, Morocco, and Egypt are the top three destinations for EU wheat and are the only three to take over 1Mt each.
Cumulative corn imports since July 1 2022 of 10.85Mt are more than double the 4.77Mt imported last year. Brazil has been the biggest supplier at 5.7Mt and the US second at 4.4Mt.
Egypt’s state grains buyer, GASC, is believed to have bought 300,000t of Russian wheat via private talks at US$362/t c&f.
US private exporters reported 150,000t of Hard Red Spring wheat for delivery to Iraq during the 2022-23 marketing year and 1.87Mt of corn for delivery to Mexico. Of the corn total, 1.24Mt is for delivery during the 2022-23 marketing year and 624,840t is for delivery during the 2023-24 marketing year.
Local markets remain largely unchanged on wheat and barley, especially over in Western Australia, where harvest is getting a decent run. ASX January Wheat contract traded nearly A$7/t lower over the day and settled at $462.50/t. Canola bids were also off $10/t on the grower boards.