Chicago and MATIF wheat spiked 7 percent, rapeseed 5pc.
- Chicago wheat December up US55 cents per bushel to 745.5c/bu;
- Kansas wheat December up 40.25c/bu to 872.5c/bu;
- Minneapolis wheat December up 19.5c/bu to 906c/bu;
- MATIF wheat December up €17.25/t to €258/t;
- Black Sea wheat December up US$3.75/t to $246.50/t;
- Corn September up 16.75c/bu to 545.5c/bu;
- Soybeans November up 13.5c/bu to 1408.75c/bu;
- Winnipeg November canola contract was up C$8.30/t to$841.70/t;
- MATIF rapeseed November 2023 up €26.25/t to €508.25/t;
- ASX January 2024 wheat unchanged at A$390/t; traded $400/t since settlement.
- ASX January 2024 barley unchanged at A$303.30/t;
- AUD dollar eased 40 points to US$0.6772
Russia has warned that ships travelling to Ukraine from Thursday would be seen as potentially carrying military cargoes and considered parties to the conflict. It has not advised what actions it will take as a result of using the corridor but declared the southeastern and northwestern parts of the international waters “unsafe for navigation”
Ukraine, which wanted to continue the agreement, advised on Wednesday that it would be setting up a temporary shipping route via Romania.
Continued bombing occurred for the second consecutive night since the trade deal ended, targeting Odesa and damaging grain export infrastructure. The Chornomorsk port, which is southwest of Odesa, was damaged and 60,000 tons of grain was destroyed.
The counter offensive bombing on the Kerch Strait by Ukraine has resulted in debris in the strait which may add logistical issues for Russian exports. This has the potential to slow things for a couple of weeks as they clear the debris.
The United Nations has warned the fallout from the Black Sea deal not being continued risks creating food shortages and hunger around the world. There are a number of ideas being floated on how to get the grain and fertilizer out of Ukraine and Russia and into the global market. Russia advised it could return to the grain deal if the current rules around its exports of food and fertiliser were eased.
Domestic futures traded wider in Chicago overnight with green across the board.
ASX Jan wheat traded up $10 late in the day to close out at $400. Victorian new crop barley also settled up $6 to close out at $327.
New crop canola hit the $800 mark for a brief moment yesterday which resulted in some grower selling. Levels settled very quickly into the $790-795 range.
WA current crop feed barley gained $4-5 through the day, closing out at $294 FIS Kwinana.
Minimal rain was seen overnight in the east with some localised falls of up to 5mm, mainly in Barwon and the Western Districts. In WA, coastal cropping areas in South West region, the Midlands and parts of the Great Southern received falls ranging from 10-50mm overnight.