Daily Market Wire 2 May 2023

Lachstock Consulting May 2, 2023

Wheat prices fell about 2 percent. MATIF markets were closed for the May Day public holiday.

  • Chicago wheat December 2023 contract down US14.75 cents per bushel to 647.75c/bu;
  • Kansas wheat December 2023 contract down 17.75c/bu to 759.25c/bu;
  • Minneapolis wheat December 2023 down 13.5c/bu to 801.25c/bu;
  • MATIF wheat December 2023 Fridays settlement was unchanged at €240.50/t;
  • Black Sea wheat December 2023 down US$1/t to $285.75/t;
  • Corn July 2023 contract down 0.5c/bu to 584.5c/bu;
  • Soybeans July 2023 contract up 8.25c/bu to 1427.5c/bu;
  • Winnipeg canola July 2023 contract up C$1.20/t to $704.60/t;
  • MATIF rapeseed August 2023 contract Fridays settlement was down €1.75/t to €438.25/t;
  • ASX January 2024 wheat contract unchanged at A$382/t;
  • ASX January 2024 barley contract down A$2.20/t to $317.80/t;
  • AUD dollar gained 17 points to US$0.6630


Both Russia and Ukraine have been on the receiving end of escalating attacks in recent days, as fighting intensified ahead of an anticipated Ukrainian counteroffensive. Russia launched a predawn aerial raid across Ukraine yesterday, the second strike in four days. Ukraine said yesterday that it had launched four strikes on concentrations of Russian troops. Over the weekend, a series of explosions also occurred behind Russian lines. 

Rainfall was beneficial over the weekend in the northern Midwest and southern Plains and was heavy in the southern US. There is more rainfall on the cards for Thursday and Friday that will move in from the west and southwest. Extended maps now are showing a fairly active pattern, along with warm temperatures. HRW areas of the Plains will be mostly dry over the next 10 days. 

Egypt is reportedly “strongly considering” approving the currencies of trade partners such as Russia, China, and India as an alternative to dealing in US dollars. 

Ukraine’s Ag Ministry reported April grain exports were 3.62Mt, with cumulative 2022-23 grain exports at 41.6Mt, down from 45.9Mt over the same period last year. Wheat ytd export was 14.4Mt, corn 24.4Mt and barley 2.5Mt. 

Stratégie Grains increased its 2023-24 EU rapeseed production forecast slightly, decreased sunflower seed slightly and left soybean unchanged. All are higher than previous year. 

Brazil will create a working group to study raising the mandatory blend of ethanol content in gasoline to 30pc from the current 27pc. The government would first have to raise the ceiling of the permitted ethanol content in gasoline, which currently ranges from 18pc to 27.5pc.

Egypt GASC will tender 2 May for wheat for delivery 10-30 June 2023 and/or 1-20 July 2023.


ASX wheat was unchanged to start the week as local values followed offshore sentiment. Sowing is progressing well for the most part but there are some delays through central west and northern regions that are still waiting on rain.
The 8-day forecast is looking dry for Qld and northern NSW with less than 5mm on the cards for most of southern NSW except for the southeast. Vic is looking at a wet week with 10-50mm expected, although the northwest corner is looking at less than 10mm. SA is looking at variable totals of between 5-25mm and WA is in for the same with Central and Midlands looking at the higher end of this range.

Parts of central and northern NSW and QLD are now quite dry, having missed out on most autumn rainfall to date and, although it is not yet panic stations, they need some decent falls in the next couple of weeks to join up the moisture profile to get their winter cropping programs underway.



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