Corn fell 3pc overnight, oilseeds were 2-3pc lower and US wheat markets eased more than 1pc.
- Chicago wheat December contract down US13.50 cents per bushel to 821.75c/bu;
- Kansas wheat December contract down 10c/bu to 867.75c/bu;
- Minneapolis wheat December contract down 12.25c/bu to 923c/bu;
- MATIF wheat December contract up €8/t to €335.25/t;
- Black Sea wheat December contract up $1/t to $355.25/t;
- Corn September contract down 16.50c/bu to 573.50c/bu;
- Soybeans November contract down 30.75c/bu to 1301.50c/bu;
- Winnipeg canola November 2022 contract down C$23.90/t to $793.30/t;
- MATIF rapeseed November 2022 contract down €17.25/t to €630/t;
- ASX Jan 2023 wheat contract unchanged at $422/t;
- AUD dollar stronger at US$0.691.
The grain export agreement will be signed this afternoon in Istanbul under the auspices of President Erdogan and UN Secretary General Antonio Guterres, together with Ukrainian and Russian delegations, according to a tweet from a Turkish presidency spokesperson. The market will be keen to see the details let alone the execution, especially when there are reports that Russia would likely begin another major offensive in Ukraine early next year, including a possible effort to advance on the blockaded strategic port city of Odesa.
GASC bought another 120,000t of wheat in private negotiations with traders on Thursday, the state-run buyer said. A total of 90,000t of Russian wheat at US$402.50/t cost and freight for September shipment and 30,000t of French wheat at $402/t for November shipment.
In the EU, heat remains a problem as it moves into Romania, the EU’s second largest corn growing country behind France, which could result in significant losses.
IGC on Thursday trimmed its forecast for 2022/23 global corn output, largely driven by drought in EU. The EU’s corn crop was seen at 68.3 million tonnes (Mt), versus a previous forecast of 70Mt.
The Buenos Aires Grain Exchange: wheat planting area revised down to 6.1 million hectares (Mha) versus 6.2Mha last week.
Local current crop wheat and barley bids were relatively unchanged and liquidity again slow. New crop wheat trade markets were a touch softer and eastern Australian grower bids were unchanged. South Australia grower bids firmed. Canola bids took a $25-30/t dive again.
Rail lines through Maitland and Gunning have reopened this week to boost the flow of agricultural freight to export pathways out of Port Kembla, Port Botany and Newcastle. The Main Western line over the Blue Mountains remains closed near Blackheath as crews work to rectify an embankment impacted by flooding earlier this month.
Crop conditions are diminishing in parts southern Queensland as another 20-80mm fell overnight on waterlogged crops from Moonie up to the Downs and Western Downs. There is another 15-50mm on the forecast for today.