Daily Market Wire 21 July 2022

Lachstock Consulting, July 21, 2022

Oilseeds settled at least 2pc lower. Wheat futures closed mixed, within 1pc of previous.

  • Chicago wheat December contract up US7.25 cents per bushel to 835.25c/bu;
  • Kansas wheat December contract up 1c/bu to 877.75c/bu;
  • Minneapolis wheat December contract down 6.25c/bu to 935.25c/bu;
  • MATIF wheat December contract up €0.25/t to €327.25/t;
  • Black Sea wheat December contract down $0.25/t to $354.25/t;
  • Corn September contract down 4.5c/bu to 592.25c/bu;
  • Soybeans November contract down 26c/bu to 1332.25c/bu;
  • Winnipeg canola November 2022 contract down C$21.80/t to $817.20/t;
  • MATIF rapeseed November 2022 contract down €20/t to €647.25/t;
  • ASX Jan 2023 wheat contract down A$6/t to $422/t;
  • AUD dollar weaker at US$0.689.


Turkish President Erdogan said he wants a general agreement reached between Ukraine, Russia, Turkey and the United Nations on a UN-led plan to resume Ukrainian Black Sea grain exports to be put in writing this week. A meeting between the four parties would “probably” be held this week. At the same time Russian Foreign Minister Sergei Lavrov said on Wednesday that the geographical objectives of Moscow’s “special military operation” in Ukraine are no longer limited to the eastern Donbas region but include a number of other territories, Russian state news agency RIA Novosti reported.

GASC bought 580,000t wheat resulting from their private tender yesterday. Prices are believed to US$403-$405/t CandF consisting of Russian origin, French, German, and Lithuanian. This compares to $416/t paid in previous tender.

Pakistan bought 300,000t at $404.85/t and is looking for 200,000t more next week. Bangladesh bought 50,000t at $448.86/t.

Reuters is reporting that the European Union will amend its sanctions on Russia by allowing the unfreezing of some funds of top Russian banks that may be required to ease bottlenecks in the global trade of food and fertilisers.

UK-based commodities researcher Refinitiv says reflecting the impact of recent hot, dry weather in key growing areas, and moisture deficits in most areas, 2022/23 maize production expectations are trimmed by 0.4pc year-on-year, to 68.4Mt compared with the European Commission July forecast of 71.7Mt and 72.7Mt previous year.


Foot and Mouth Disease (FMD) fragments have been picked up in imported meat products in Victoria and in an undeclared beef product brought in from Indonesia. In an increased protection measure sanitised foot mats will be deployed to all international airports in Australia, to service flights from Bali. Darwin and Cairns will be the first airports to implement them.

Namoi Cotton’s ginning operations are now set to finish processing the 2022 season crop by as late as October, around 4 weeks later than usual. CEO John Stevenson  said “It has been an extremely wet season, which has been both a blessing and a curse. It has certainly impacted and delayed picking, and cotton quality has been negatively impacted. Productivity in this season will be slightly below average, given the high moisture content and the need to run gins slower with more heat and cleaning.”

The rainfall forecast for WA, Vic and Qld has picked up with most cropping regions now expected to receive 15-50mm in the coming week. SA also is set to pick up more, particularly in the South East. Southern NSW is forecast to receive 5-15mm with lighter showers expected elsewhere.


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