Markets

Daily Market Wire 22 August 2022

Lachstock Consulting, August 22, 2022

US wheat Friday markets recovered 3pc of the 4pc previous day losses.

  • Chicago wheat December contract up US22 cents per bushel to 771c/bu;
  • Kansas wheat December contract up 31.75c/bu to 847c/bu;
  • Minneapolis wheat December contract up 22.25c/bu to 887c/bu;
  • MATIF wheat December contract up €4/t to €310/t;
  • Black Sea wheat December contract up $1.75/t to $336.25/t;
  • Corn December contract up 7.5c/bu to 623.25c/bu;
  • Soybeans November contract down 1.25c/bu to 1404c/bu;
  • Winnipeg canola November 2022 contract was up C$3/t to $818.40/t;
  • MATIF rapeseed November 2022 contract down €2.50/t to €601.50/t;
  • ASX Jan 2023 wheat contract down A$10/t to $383/t;
  • ASX Jan 2023 barley contract unchanged at $A300/t;
  • AUD dollar weaker at US$0.691.

International

Turkey’s defence ministry says four more ships carrying foodstuffs have left Ukraine’s ports bringing to 31 the total number of vessels to leave.

Ukraine’s wheat harvest is 91pc complete at 17.4Mt, according to grain traders’ union UGA. It said total harvest of grains and oilseeds stood at 25.7Mt, 2.3Mt higher than Ukraine Ag Ministry had indicated. Ukraine’s total production recently was forecast 65Mt to 67Mt, down from last year’s record of 86Mt.

The Ministry said Ukraine had exported 2.99Mt of grains since July 1, 1.94Mt corn, 783,000t wheat and 257,000t barley, down 52pc from the same period last year. Export volumes have picked up this month after three Black Sea ports were reopened.

FranceAgriMer reports that 50pc of the French corn crop was in good, or excellent, condition by 15 August, down from 53pc the previous week. It is the lowest rating for this time of year since 2011.

Weather consultant, Maxar, forecast warmer-than-normal weather for most of Europe to the end of this month.

China issued its first national drought alert of the year. The national “yellow alert” issued late on Thursday is two levels below the most serious warning on Beijing’s scale.  As many as 66 rivers across 34 counties in the southwestern region of Chongqing have dried up, state broadcaster CCTV reported. China’s water resources ministry has instructed drought-hit agricultural regions to draw up lists determining who can access supplies at any particular time, to ensure they do not run out.

Australia

Last week was brutal to bids. Global values were lower and Australian prices followed suit, rounding out the week lower across the board. Crop prospects remain very positive especially for WA and Victoria with decent rains having fallen across growing regions. Grower marketing for new crop has been very slow with estimates of around 15pc sold nationally from the grower.

The 8-day forecast has showers continuing for southern NSW, Vic and parts of SA while Qld, northern NSW and WA are looking at totals of less than 10mm for the week.

Grain Central: Get our free news straight to your inbox – Click here

HAVE YOUR SAY

Your email address will not be published.

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.

Comments

Get Grain Central's news headlines emailed to you -
FREE!