Matif canola gained 4pc. Other markets firmed.
- Chicago wheat May 2023 contract up US14 cents per bushel to $696.5c/bu;
- Kansas wheat May 2023 contract up 11c/bu to 889.75c/bu;
- Minneapolis wheat May 2023 up 12.75c/bu to 889c/bu;
- MATIF wheat May 2023 up €6/t to €256/t;
- Black Sea wheat May 2023 up $0.25/t at $279.75/t;
- Corn July 2023 contract up 6.75c/bu to 642.5c/bu;
- Soybeans July 2023 contract up 18.25c/bu to 1485.5c/bu;
- Winnipeg canola July 2023 contract up C$10.20/t to $746.50/t;
- MATIF rapeseed August 2023 contract up €20.50/t to €461.25/t;
- ASX January 2024 wheat contract up $2/t to $389/t;
- ASX January 2024 barley contract unchanged at A$332.20/t;
- AUD dollar eased 9 points to US$0.6701
Russia has reportedly blocked vessel inspections for the second time in a week with the corridor grinding to a halt. Turkish Defence Minister Hulusi Akar will meet with Ukrainian Infrastructure Minister Oleksandr Kubrakov today for grain talks but the situation is not looking great.
Poland, Hungary, Slovakia and Bulgaria have all decided to ban imports of Ukrainian grain due to the impact the increased supply is having on domestic grain prices.
Hungary’s Ag Ministry has said it could extend its ban beyond the current June 30 deadline if the EU does not take sufficient action to protect Hungarian farmers.
Poland’s ban on grains, in effect since Saturday evening, also applied to transit through the country. Ukrainian Agriculture Minister Mykola Solsky said the first step, in his opinion, should be the opening of transit, unconditionally. “After that we will talk about other things,” he said. Polish Deputy Foreign Minister Pawel Jablonski said the ultimate goal was not that the import ban would be in force indefinitely, but to ensure that grain from Ukraine, which is to be exported, goes to the export destination where it is intended.
The European Commission said unilateral action on trade by EU member states was unacceptable. It said EU member countries’ envoys in Brussels would discuss the bans on Ukrainian grain imports. It acknowledged the bans were an issue and it anticipated coming up with a proposal in coming weeks and months.
Rosario Grain Exchange reported farmers in Argentina sold 441,747t soybeans during the first four days of the preferential exchange rate, the so-called soy dollar, compared to 3.1Mt over the same period in September 2022 and 1.1Mt in November 2022. It attributed the slow uptake to the impact of severe drought on local production.
It lowered its 2022-23 soybean crush forecast by 0.5Mt, to 28.8Mt, potentially the lowest in two decades, and raised the soybean import forecast by 0.5Mt, to 10.0Mt.
CONAB Brazil revised upward its 2022-203 soybean production forecast by 2.2Mt to 153.6Mt (125.5Mt previous year) reflecting higher yields. Exports were increased by 1.4Mt, to 94.3Mt (78.7Mt previous year). Total 2022-23 maize production forecast was increased by 0.2Mt, to 124.9Mt (113.1Mt previous year), export was left unchanged at 48Mt (46.6Mt previous year).
China would spend ¥10b, US$1.5b, in farmer subsidies to support spring grain planting, the Ministry of Agriculture said. Grain growers, including individuals, family farms and cooperatives, would be eligible.
Wheat, canola and barley bids to growers largely were unchanged on Monday.
Planting continued to ramp up around the country after regions received some decent rainfall totals over the last week, particularly for southern NSW, Vic and SA. Subsoil moisture levels are currently above to very much above average across northeast and southern NSW, Vic, SA and WA. Parts of central and northern NSW and southern Qld are looking for more rainfall having missed out on the recent falls. There is not much on the 8-day forecast. The forecast period is looking relatively dry for nearly all winter cropping regions.
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