Daily Market Wire 20 February 2023

Lachstock Consulting, February 20, 2023

Grain market moves were small. Matif rapeseed gained 2pc. Brent crude eased 3pc.

  • Chicago wheat May 2023 contract unchanged at  US776.25 cents per bushel;
  • Kansas wheat May 2023 contract up 8.5c/bu at 895.75c/bu;
  • Minneapolis wheat May 2023 contract down 0.25c/bu to 923.5c/bu;
  • MATIF wheat May 2023 contract up €0.50/t to €291.50/t;
  • Black Sea wheat March 2023 contract down US$0.50/t to $303.25;
  • Corn May 2023 contract up 2.5c/bu to 677.5c/bu;
  • Soybeans May 2023 contract up 1c/bu to 1522.25c/bu;
  • Winnipeg canola May 2023 contract up C$2.10/t to $820.30/t;
  • MATIF rapeseed May 2023 contract up €11.25/t to €564.50/t;
  • ASX Mar 2023 wheat contract unchanged at A$394/t;
  • ASX Mar 2023 barley contract down A$2/t to $329/t;
  • AUD dollar was unchanged at US$0.688.


Parties to the Black Sea Grain Initiative are posturing ahead of negotiations for its extension. The current deal is set to expire mid-March.  

The Buenos Aires Grain Exchange report for the week ending 15 Feb said 2022-23 maize plantings were now 100pc complete, with crop rating at 55pc fair/excellent (66pc week ago, 74pc previous year). It reported good progress in Santa Fe and Entre Rios, although some yield losses were expected due to a lack of rainfall during critical stages of development. Soybean condition was rated 44pc fair/excellent (52pc week ago, 77pc previous year). It said dry weather and above normal temperatures in parts of Santa Fe and Entre Rios were negative for yield prospects.  

France’s wheat crop conditions remained strong, with 93pc of the crop rated good/excellent by the Ag Ministry. That was slightly below the 95pc good/excellent rating at this time last year. Winter barley was 92pc good/excellent (91pc last week, 94pc previous year). Spring barley sowings were 26pc complete (26pc, 58pc). While crop ratings are strong, there are some concerns with recent dry weather and a potential lack of soil moisture ahead of spring.

Ukraine’s winter wheat crop looks to be in good condition, according to the National Academy of Agrarian Sciences (NAAS), which pegged the survival rate of winter cereal plants at 98-99pc. It said unusually warm conditions through January put the crop at risk should later temperatures drop significantly, particularly with no snow cover.

The Ukrainian grain traders’ union said the grain and oilseed crop was set to fall to 64.8 million tonnes (Mt) in 2023 from 72.7Mt in 2022. It said the grain harvest could include 17.4Mt wheat and 21.1Mt corn.  Exports of wheat could be 14Mt and exports of corn could be 20Mt in the 2023-24 marketing season.

Tunisia’s state grains office reportedly booked 100kt soft wheat and 75kt feed barley in a tender that closed last Friday. 


Strength in wheat and barley in South Australia and the eastern states delivered slight gains on boards to round out local markets last week. Values in WA for ASW1 and BAR1 were relatively unchanged. Friday’s canola bids were unchanged but buying interest for canola parcels is maintaining a firmer tendency.


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