Wheat fell 3pc overnight.
- Chicago wheat December contract down US29.25 cents per bushel to 830.5c/bu;
- Kansas wheat December contract down 29.5c/bu to 909.75c/bu;
- Minneapolis wheat December contract down 20.5c/bu to 918.25c/bu;
- MATIF wheat December contract down €8/t to €325.75/t;
- Black Sea wheat December contract down $3/t to $316.75/t;
- Corn December contract up 1c/bu to 678.25/bu;
- Soybeans November contract up 12.75c/bu to 1461.25c/bu;
- Winnipeg canola November 2022 contract was down C$5.90/t to $786.60/t;
- MATIF rapeseed November 2022 contract down €5.75/t to €571.50/t;
- ASX Jan 2023 wheat contract up A$1.80/t to $417.80/t;
- ASX Jan 2023 barley contract unchanged at A$310/t;
- AUD dollar firmer at US$0.673.
International
The 77th session of the UN General Assembly, the largest annual gathering of world leaders, began yesterday in New York City. Tensions are expected to be high between Russia, the US and European countries over Ukraine and between China and the US over Taiwan and trade. Presidents Putin and Xi are not expected to attend. All attending leaders are required to speak in-person with the exception of President Zelenskyy, who was granted an exemption.
Saudi’s SAGO bought 556,000t wheat in their international tender that closed on Friday, at an average price of US$372/t C&F for Nov-Feb arrival.
Pakistan has issued an international tender for 300,000t wheat for Oct. Iraq’s trade ministry will announce an international tender seeking 300,000t wheat from various origins in the coming days, Iraqi state news agency said on Monday.
Russian consultancy IKAR lifted its 2022 wheat production estimate to 99Mt and exports to 47.5Mt.
Black Sea market analyst SovEcon estimates September grain exports at 4.85Mt, up from 4.20Mt in August, with wheat at 4.3Mt versus 3.5Mt last month.
Ukraine expects a 2022 grain crop of 50-52Mt, unchanged from its previous estimate and down from 86Mt last year, the country’s ag ministry said on Monday. The ministry expects grain exports this month to total between 5.4Mt and 5.5Mt, up from 4.5Mt in August.
Ukraine’s Ag Ministry reported a total of 165 ships containing 3.7Mt of agricultural products have left Ukraine ports with another ten ships carrying 169,000t set to leave yesterday. Cumulative grain exports since July 1 stand at 6.36Mt, down 46pc from last year’s pace including 3.72Mt corn, 2.06Mt wheat, and 557k tonnes barley.
Australia
Current crop hard wheats, H2 and H1, trading in eastern Australia are among the few grades showing signs of life. Feed markets are sluggish and growers are now getting to the pointy end of clearing out on farm stocks ready to fill storages again at harvest time.
Crop input costs continue to play a big part in decision making to manage, for example, disease risk in wheat and canola crops. Growers in some regions have applied already three or four applications of fungicide amid weather conditions suiting the spread of pathogens.
The BOM issued a flood warning yesterday afternoon for a low pressure system forecast to bring widespread moderate rainfall to inland New South Wales during Wednesday and Thursday. Rain is expected to initially develop in the west and is likely to spread through most of the state on Wednesday into Thursday as the low makes its way to the east during the later part of the week. The highest falls are likely through the inland, particularly in the Central West and North West Slopes and Plains. This rainfall may cause flooding along rivers in parts of the North West, Central West and South West inland catchments from late Wednesday, many of which are experiencing ongoing flooding due to previous rainfall in recent weeks.
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