US wheat markets gained on Friday.
- Chicago wheat May 2023 contract up US11.5 cents per bushel to 710.5c/bu;
- Kansas wheat May 2023 contract up 16c/bu to 835.75c/bu;
- Minneapolis wheat May 2023 up 11.75c/bu to 860.75c/bu;
- MATIF wheat May 2023 down €3/t to €265.50/t;
- Black Sea wheat May 2023 down US$0.50/t to $289.75/t;
- Corn May 2023 contract up 1.5c/bu to 634.25c/bu;
- Soybeans May 2023 contract down 15c/bu to 1476.5c/bu;
- Winnipeg canola May 2023 contract down C$4.20/t to $751.60/t;
- MATIF rapeseed May 2023 contract down €5/t to €467.25/t;
- ASX May 2023 wheat contract unchanged at A$401/t;
- ASX January 2024 wheat contract down A$3.50/t to $400.50/t;
- ASX January 2024 barley contract unchanged at A$332/t;
- AUD dollar gained 47 points to US$0.6703
The UN said in a statement on Saturday the Black Sea Grain Initiative, signed in Istanbul on 22 July 2022, has been extended. It thanked the Turkish government for its diplomatic and operational support of the deal. Turkey’s President Recep Tayyip Erdogan also confirmed the extension without specifying a period of validity. Russia said it had agreed to a 60-day extension, while Ukraine’s infrastructure minister said the deal had been extended for 120 days.
The Buenos Aires Grain Exchange slashed its Argentine soybean crop estimate by another 4Mt to 25Mt and corn by 1.5Mt to 36Mt. It rated the Argentine soybean crop 2pc good/excellent (unchanged from the previous week), 23pc fair (down 4pc) and 75pc poor/very poor (up 4pc). It rated the country’s corn crop 7pc good/excellent (up 2pc), 33pc fair (down 1pc) and 60pc poor/very poor (up 1pc).
FranceAgriMer reported 95pc of France’s soft-wheat crop is in good or very good condition unchanged from last week. Spring barley plantings were complete, ahead of the prior five-year average of 72pc for this time of year.
Rabobank Group reported China’s latest wave of African Swine Fever was likely to reduce production capacity and push up pork prices in the second quarter. The outbreak was reportedly severe in January and February, especially in the northern producing regions, and some areas are still battling the disease.
Brazil’s biodiesel blending mandate will increase from 10pc to 12pc in April. Next year it will increase to 13pc, 14pc in 2025 and 15pc in 2026.
Another 191,000-tonne sale of US corn to China was announced taking the total announced purchases this week to 2.1 million tonnes.
Egypt’s GASC tender results are reportedly 120,000 tonnes Ukrainian wheat at $298.72/t.
Local canola values continue to track offshore movements downward, with the market continuing to fall. East coast up country canola values have fallen back to the low 600s. Wheat on the other hand was firmer for the day on Friday as shorts continued to roll forward.
The 8-day forecast has 15-50mm on the way for northeast NSW, parts of central and most of southern NSW. Eastern Victoria has 10-25mm forecast. Most other winter cropping regions are expecting 1-10mm.
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