Daily Market Wire 19 October 2022

Lachstock Consulting, October 19, 2022

Matif wheat eased 3pc. Other grain markets eased a little. Soybeans eased 1pc. Canola gained fractionally.

  • Chicago wheat December contract down US11.5 cents per bushel to 849.5c/bu;
  • Kansas wheat December contract down 7.5c/bu at 944.5c/bu;
  • Minneapolis wheat December contract up 0.75c/bu to 956c/bu;
  • MATIF wheat December contract down €11.50/t to €334.75/t;
  • Black Sea wheat December contract down $2.75/t to $327.75/t;
  • Corn December contract down 2.5c/bu to 681c/bu;
  • Soybeans November contract down 13.25c/bu to 1372c/bu;
  • Winnipeg canola Nov 2022 contract was up C$4.90 to $860.40/t;
  • MATIF rapeseed November 2022 contract up €2.50/t to  €623.25/t;
  • ASX Jan 2023 wheat contract up A$2/t to $493/t ;
  • ASX Jan 2023 barley contract up A$7/t to $340/t;
  • AUD dollar firmer at US$0.630.


A Viterra sunflower-oil terminal was damaged by strikes in Mykolayiv, one of the ports that Ukraine wants added to the grain deal. “Fortunately there were no injuries, and we are currently assessing the extent of the damages,” a spokesperson for Viterra said. 

Russia wants to export its grains, fertilisers and ammonia too, Turkish President Recep Tayyip Erdogan’s spokesman Ibrahim Kalin has said. He said he had conveyed Russian concerns to US National Security Adviser Jake Sullivan.
Outbound ships need to be inspected in Istanbul under the deal, and at least 12 were checked each day from Friday through to Sunday. That’s up from seven to nine a day earlier in the week. The number of inspection teams increased to five on Friday. The backlog of inbound and outbound vessels awaiting checks stood at 131 as of Tuesday, down from 156 on Friday, a spokesperson for the Joint Coordination Centre said.
Water levels along the Mississippi River continued to fall over the past week and are now at record low levels along the Arkansas/Tennessee border region.  

China’s soybean stocks are set to tighten further as delays in shipments from the United States deepen shortages of soymeal, pushing prices to record highs. Ships carrying up to three million tonnes of US soybeans which were scheduled to arrive this month and in November will reportedly be delayed by about 15 to 20 days.
Turkeys State Grain Board is seeking 495,000 tonnes of milling wheat for Nov/Dec shipment.
According to the European Commission, EU soft-wheat exports in the season that began 1 July reached 10.41Mt as of Oct. 16, similar to the 10.46Mt exported last year. EU barley exports are at 2.32Mt, compared with 3.89Mt a year earlier. EU corn imports have more than doubled to 8.39Mt compared to 4.08Mt last year.


Local markets were largely unchanged yesterday. Wheat may have been a touch firmer. Not much has changed in terms of current month access to grain supply. The ASX eastern wheat contract traded small volume at A$493/t. Bids to canola growers were down $10/t. 

The forecast rainfall event has begun with reports of 140mm being received in Emerald, Central Queensland last night. The front is expected to move through Qld and northern NSW today before extending over the rest of NSW, Vic and SA over the coming week. The timing is very concerning for saturated areas of NSW and Vic. 


Grain Central: Get our free news straight to your inbox – Click here


Your email address will not be published. Required fields are marked *

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.


Get Grain Central's news headlines emailed to you -