Corn, canola and rapeseed eased at least 2pc. The soy complex and wheat settled lower also. Macro markets firmed.
- Chicago wheat December contract down US1.5 cents per bushel to 828c/bu;
- Kansas wheat December contract down 5.25c/bu to 876c/bu;
- Minneapolis wheat December contract down 8.75c/bu to 941.5c/bu;
- MATIF wheat December contract up €3.25/t to €327/t;
- Black Sea wheat December contract up $0.50/t to $354.50/t;
- Corn September contract down 15.5c/bu to 596.75c/bu;
- Soybeans November contract down 22c/bu to 1358.25c/bu;
- Winnipeg canola November 2022 contract down C$16.80/t to $839/t;
- MATIF rapeseed November 2022 contract down €14/t to €667.25/t;
- ASX July 2022 wheat contract up A$4.30/t to $414.30/t;
- ASX Jan 2023 wheat contract up $8/t to $428/t;
- AUD dollar firmer at US$0.690.
President Putin is in Iran meeting with the Iranian and Turkish Presidents. News wires mentioned Ukraine and Russia were close to agreeing a deal that would allow for a corridor, but wires also mentioned they haven’t agreed on how to ensure the security of the ports and ships along the route. Meanwhile the shelling continues in other parts of Ukraine including Odessa, one of the biggest grain ports.
After cancelling the tender yesterday, Egypt is reportedly seeking wheat offers from traders in private talks. Wheat from all origins will be accepted, with offers to be presented to the office of the
Ministry of supply, for shipments ranging from mid-September to mid-November.
Pakistan tendered for 200,000t international milling wheat, for shipment first half September; they still have another tender out for 300,000 tonnes for which offers were to be submitted last Monday.
European fertilizer giant Yara International ASA said the energy crisis is forcing it to curb output and warned that more cuts may come. The huge ammonia distributor has had to cut output due to high prices of natural gas, a crucial feed stock used to make crop nutrients. Yara said on Tuesday that it has curtailed production at several sites, cutting capacity by 1.3Mt for ammonia and 1.7Mt for finished fertilizer.
Romania warned that it could export much less corn and sunflower this season as it prioritizes local supplies after drought battered harvests. The country was by far the European Union’s biggest corn exporter last season, but output will probably slump significantly this year after dryness destroyed harvests in several parts of the country, Agriculture Minister Petre Daea said in an interview on Tuesday.
Local markets in the west picked up a bid on old crop wheat yesterday. Clear Grain Exchange traded with some liquidity ASW1 at $430 FIS and APW1 at $480 FIS. New crop wheat bids lifted $5-10/t across the board while barley and canola values were also quoted higher over the day.
The next 8 days are looking relatively dry for NSW and SA with less than 10mm expected. Vic is now looking to receive between 5-25mm. Wide areas of WA and Qld are forecast to receive between 10-25mm with some localised falls of up to 50mm in central and south west Qld, parts of NNSW and coastal WA.