Hard Red Winter, Black Sea wheats and canola markets firmed more than 1pc.
- Chicago wheat May contract down US0.75cents per bushel to 804c/bu;
- Kansas wheat May contract up 12.25c/bu to 840c/bu;
- Minneapolis wheat May up 4c/bu to 961.25c/bu;
- MATIF wheat May contract up €7/t to €275.75/t;
- Black Sea wheat March contract down $1.25/t to $308.75/t
- Corn May contract up 3.5c/bu to 652.75c/bu;
- Soybeans May contract up 7.5c/bu to 1603.5c/bu;
- Winnipeg canola May 2022 contract up C$9.40/t to $1012.10/t;
- MATIF rapeseed May 2022 contract up €8/t to €703.75/t;
- ASX March 2022 wheat contract A$6/t weaker at A$358/t;
- ASX Jan 2023 wheat contract $0.50/t weaker at $366/t;
- AUD dollar weaker at US$0.717.
The upcoming George Washington (Presidents’) Day US holiday exacerbated volatility, heightened as the situation in the Ukraine seemed to worsen.
Fundamentally the market kept risk premium ahead of the US long weekend however, the rain forecast has improved significantly for Argentina which will take the sting out of values when the markets return on Monday night US time. On the flip side there is little relief for the driest parts of the US winter wheat belt – broken record but there is still plenty of time for the US winter crop.
Local grain markets remained relatively steady last week, wheat markets firmed in the areas that it needed it for export and domestic use along the east coast.
Barley continued to get a bid amid more malt activity on Friday.
Canola markets held ground into Friday and more export interest appeared.
The east coast is due for the rain which started to build on the maps late last week. The BOM forecast widespread 15-25mm for the eastern cropping belt. This rain will continue to add to the soil moisture profile for 22/23 season.
Source: Lachstock Consulting