Sharp 5pc downward moves occurred in rapeseed and soybeans. Grain markets mostly were about 1pc easier. MATIF wheat settled almost 2pc lower.
- Chicago wheat December contract down US6.75 cents per bushel to 819c/bu;
- Kansas wheat December contract down 7.5c/bu to 874c/bu;
- Minneapolis wheat December contract down 8.25c/bu to 910.25c/bu;
- MATIF wheat December contract down €6.25/t to €325.50/t;
- Black Sea wheat December contract down $3.25/t to $349.50/t;
- Corn December contract down 10.25c/bu to 609.75c/bu;
- Soybeans November contract down 62.5c/bu to1406c/bu;
- Winnipeg canola November 2022 contract was untraded on holiday Monday, Friday closed at C$892.80/t;
- MATIF rapeseed November 2022 contract down €38.50/t to €651.25/t;
- ASX Jan 2023 wheat contract down A$2/t to $422.50/t;
- AUD dollar firmer at US$0.701.
The first vessel carrying 26,000t Ukrainian corn left Odesa yesterday. The M/V Razoni became the first commercial vessel to leave the crucial Black Sea port since the start of the war. It will anchor off the coast of Istanbul this afternoon to be inspected by the Joint Coordination Centre before sailing on to Tripoli Lebanon, the final destination of its cargo.
Dates and timings for further shipments are still being worked out and will likely be finalised only once the first shipment goes through inspection in Istanbul, according to the JCC. It is hoped that around 580,000t could follow in the coming weeks, mainly corn, some sunflower meal, wheat and beans.
Vessels that were blocked in Ukrainian terminals will be the first to leave, but the resumption of trade with new export deals and new vessels is uncertain. The risks associated with any exports are still deemed to be high with President Zelensky saying “We cannot be under any illusion that Russia will simply refrain from trying to disrupt Ukrainian exports.”
The Pentagon announced an additional package of security assistance for Ukraine valued at up to US$550 million on Monday. The assistance which is being drawn from US stockpiles includes 75,000 rounds of ammunition and an undisclosed amount of additional ammunition for the High Mobility Artillery Rocket Systems.
Congresswoman, speaker of the US House of Representatives Nancy Pelosi is expected to visit Taiwan during her trip to Asia this week, although the stop is not currently on Ms Pelosi’s public itinerary and it is unclear when exactly she would land in Taipei. According to a US official, the defence department is working around the clock on monitoring any Chinese movements in the region and securing a plan to keep her safe. She was warned against traveling to Taiwan by both the Chinese government and US military officials. Chinese officials earlier threatened “strong and resolute measures” should she visit Taiwan.
Monday’s canola new crop bids firmed A$15/t. Wheat, in a similar pattern to last week, saw values relatively flat and unchanged. Barley bid and offer spreads remained wide.
Port congestion has improved marginally this week but in Kwinana wait times still are 31 days and in Newcastle 23 days.
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