US winter wheat and corn gained more than one per cent. Matif rapeseed eased. Brent crude gained another 2pc and the Dow Jones Industrials Average eased 1pc.
- Chicago wheat March 2023 contract up US 8 cents per bushel to 751.75c/bu;
- Kansas wheat March 2023 contract up 12c/bu at 855.75c/bu;
- Minneapolis wheat March 2023 contract up 3.75c/bu to 916c/bu;
- MATIF wheat March 2023 contract down €0.75/t to €286.75/t;
- Black Sea wheat March 2023 contract down 0.25c/t to $307.75/t;
- Corn March 2023 contract up 10.25c/bu to 685.25c/bu;
- Soybeans March 2023 contract up 12c/bu to 1539.75c/bu;
- Winnipeg canola March 2023 contract up C$1/t to $841.90/t;
- MATIF rapeseed February 2023 contract down €7.50/t to €556.25/t;
- ASX Mar 2023 wheat contract up A$1/t to $377/t;
- ASX Mar 2023 barley contract unchanged at A$315/t;
- AUD dollar firmed to US$0.699.
Oil prices closed up after China posted better than expected annual economic growth data. China’s GDP expanded 3pc in 2022, the second-worst performance since 1976 but better than the 2.7pc predicted by the World Bank earlier this month. China reported nearly 60,000 people with COVID-19 have died in hospital, a huge increase from previously reported figures after global criticism about the lack of data. A health official said on Saturday that COVID fever and emergency hospitalisations had peaked with numbers continuing to decline, although increased travel ahead of the Lunar New Year, from cities to small towns and rural areas, will likely result in a surge in cases.
A Reuters poll of 14 analysts gave an average estimate of 153.0Mt for Brazilian soybean production (USDA January 153Mt), up two million from their previous survey and 300,000t above last week’s figure from Brazil’s national agricultural agency, Conab.
Russia’s Federal State Statistics Service (Rosstat) reports that 2022-23 grain harvest estimate is revised up by 2.8Mt, to 153.8Mt (121.4Mt previous year), with wheat up by 1.7Mt, to 104.4Mt (76.1Mt previous year), barley up by 0.6Mt, to 23.5Mt (22.9Mt previous year), and maize trimmed marginally, to 11.8Mt (15.2Mt previous year). Sunflowerseed harvest estimate cut by 0.8Mt, to 14.5Mt (15.7Mt previous year), while soybean lifted by 1.1Mt, to 5.8Mt (4.8Mt), and rapeseed up at 4.6Mt (2.8Mt previous year).
Black Sea market analyst SovEcon has pegged January grain exports at 4.1Mt, including wheat at 3.7Mt (4.0Mt previous month, 1.4Mt previous year) and barley at 0.1Mt (0.2Mt previous month, 0.1Mt previous year)
According to Brazil’s ministry of Industry, Trade and Services January 9-15 maize exports are estimated at 1.1Mt, with cumulative marketing year shipments placed at 44.0Mt up 140pc compared to this time last year. Soybean exports at 250,700 tonnes, cumulative marketing year at 78.1Mt (-14pc).
Local market focus remained on feed grains into the export pathway. Upcountry bids in eastern Australia weakened. WA values also softened over the day.
Growers delivered another 470,000 tonnes into the Viterra network last week taking the total received to 8.45Mt. Viterra reports that on the Eyre Peninsula, growers reached a significant milestone as they surpassed 3.2Mt of deliveries, breaking the previous record set in 2016-17. Growers also continued to break records in Central and Eastern regions including Port Giles, Saddleworth and Tailem Bend sites, which were set in the 2016-17, and at Snowtown breaking the 2013-14 record.