Daily Market Wire 21 February 2023

Lachstock Consulting, February 21, 2023

North American markets were closed on Monday and European values softened.

  • MATIF wheat May 2023 contract down €0.25/t to €291.25/t;
  • MATIF rapeseed May 2023 contract down €7/t to €557.50/t;
  • ASX Mar 2023 wheat contract unchanged at A$394/t;
  • ASX Mar 2023 barley contract up A$2.90/t to $331.90/t;
  • AUD dollar gained 30 points to US$0.691.


Ukraine’s Agriculture Ministry reports that as at February 17, cumulative 2022-23 grain exports for the year to June 30 totalled 30.1 million tonnes (Mt) against 42Mt in the same period in 2021-22; this includes wheat at 10.7Mt (17.7Mt), barley at 2Mt (5.6Mt) and maize at 17.2Mt (18.2Mt).

According to the February 2023 issue of the EU MARS Bulletin, winter crops in most parts of Europe remain in fair to good condition. In most agricultural regions, thermal conditions since the beginning of the year were characterised by a transition from exceptionally warm to more normal winter conditions, yet without distinct cold spells. Several regions experienced, and some continue to experience, a distinct rainfall deficit. This is of particular concern in southern and central Spain, northern Italy, western Türkiye and North Africa’s Maghreb region. No frost-kill damage is expected as winter temperatures return to normal after an exceptionally warm period. They have revised down 2023 yield expectations for wheat crops across the North Africa, by 15-24 percent compared to the five-year average, while barley is expected to see a 10-30pc decline

According to AgRural, Brazil’s soybean harvest is 25pc complete against 17pc last week and 33pc at this time last year, and fieldwork is advancing quickly in Mato Grosso.

Argentina’s Rosario Grain Exchange reports that due to expectations for a reduced 2022-23 crop, pegged at 42.5Mt versus 51.1Mt in the previous year, and tighter export availabilities, March-June corn shipments could be as much as 40pc lower year on year, with total 2022-23 exports pegged at 27.5Mt.

Egypt’s GASC is seeking wheat from optional origins in a February 22 tender for April shipment. The tender will be funded by the World Bank.


Markets kicked off the week relatively unchanged on wheat and barley while canola values lifted $10-15/t across the boards, with Port Kembla track values trading around $760/t throughout the day

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