Monday’s markets mixed.

• Chicago wheat May 2023 contract up US9.75 cents per bushel to 700.75c/bu;
• Kansas wheat May 2023 contract down 6c/bu to 829.5c/bu;
• Minneapolis wheat May 2023  down 9,25c/bu to 851.5c/bu;
• MATIF wheat May 2023 down €7.50/t to €258/t;
• Black Sea wheat May 2023 down US$1.25/t to $288.50/t;
• Corn May 2023 contract up 1.25c/bu to 633c/bu;
• Soybeans May 2023 contract up 9.5c/bu to 1486c/bu;
• Winnipeg canola May 2023 contract down C$13/t to $738.60/t;
• MATIF rapeseed May 2023 contract down €13.50/t to €453.75/t;
• ASX May 2023 wheat contract down  A$5/t to $396/t;
• ASX January 2024 wheat contract up A$1/t to $401.50/t;
• ASX January 2024 barley contract up A$7.20/t to $339.20/t;
• AUD dollar gained 16 points to US$0.6719

International

Russian President Vladimir Putin welcomed Chines President Xi Jinping at the Kremlin yesterday and pledged that Russia would study China’s peace proposals for Ukraine “with respect.” It was noted that Xi Jinping did not mention Ukraine at all in his public remarks. Russian state media reported Putin as saying that China took a “fair and balanced position on the majority of international problems.” Xi hailed the two nations as “good neighbours and reliable partners”
 

According to Russia’s Federal Statistics Agency, February grain stocks and leguminous crops held at agricultural companies are seen at 28.8Mt (+49pc on from previous year), with wheat stocks of 17.3Mt (+58pc) and maize at 3.3Mt (+20pc). Oilseed stocks at 5.1Mt (+53pc), including sunflowerseed at 2.5Mt (+49pc) 

US crop conditions for the week ending March 19 show some improvement over the previous week in Texas and Kansas, but the ratings are still well below average. HRW wheat in good/excellent condition was 29pc in Oklahoma (30pc last week), 23pc in Texas (17pc last week) and 19pc in Kansas (17pc last week). Much of the region is still experiencing “extreme” to “exceptional” drought, according to the US drought monitor
 

According to Ukraine’s Ag. Ministry 2023-24 spring sowing is underway in 10 regions and as at 17 Mar, total planting of 82 700ha included wheat on 26,000 ha and barley on 44,200 ha. Ukrainian Agriculture Minister Mykola Solsky told Reuters on Monday that Ukraine’s 2023 combined grains and oilseed harvest is seen falling to a preliminary 63Mt (70Mt in 2022). Solsky declined to give an exact forecast but said the area under winter grains appeared to be slightly higher than the ministry expected.
 

Ukraine’s Ag. Ministry also reports that for the week ending 17 Mar, grain exports totalled 1.5Mt (maize 1.0Mt, wheat at 414,451 tonnes and barley at 93,081 tonnes). Cumulative 2022-23 maize exports are at 20.7Mt which is similar to last years volume, wheat at 12.2Mt is down 33pc and barley at 2.2Mt is down 61pc. 

The latest EU MARS Crop Monitor reports that after the mild winter, winter crops entered spring in fair to good condition in most parts of Europe. However, partially expanding and intensifying dry conditions in the south raise increasing concerns. As it is still early in the season, crop yield forecasts are – with a few exceptions – based on historical trends 

Chinese Customs data shows cumulative Jan-Feb wheat imports at 3Mt which is up 38pc compared to 2022. Maize at 5.3Mt (+14pc), barley at 960,000 tonnes (-18pc) and sorghum at 330,000 tonnes (-79pc).

Australia

Local markets started off the week a touch softer and were lacking bid side interest. By the end of the day East Coast wheat and Barley markets felt heavy and very slow, while Canola continued to feel the pressure from offshore markets and was down again with domestic values pushing to 12-month lows. 

CBH opened its new Kwinana Fertiliser Facility on Friday, which marks the start of CBH’s liquid fertiliser business and will expand its granular fertiliser capacity by 15,000 tonnes. Located adjacent to CBH’s Kwinana Grain Terminal, the new facility has capacity to store 32,000 tonnes of Urea Ammonium Nitrate (UAN) and 55,000 tonnes of bulk granular fertiliser.