Canola, rapeseed markets gained 3pc. Wheat and soybeans gained 2pc. Dow Jones Industrials Average eased 2pc.

• Chicago wheat December contract up US17.25 cents per bushel to 788.25c/bu;
• Kansas wheat December contract up 19c/bu to 866c/bu;
• Minneapolis wheat December contract up 13.5c/bu to 900.5c/bu;
• MATIF wheat December contract up €6.75/t to €316.75/t;
• Black Sea wheat December contract up $3/t to $339.25/t;
• Corn December contract up 5.75c/bu to 629c/bu;
• Soybeans November contract up 31.25c/bu to 1435.25c/bu;
• Winnipeg canola November 2022 contract was up C$28.40/t to $846.80/t;
• MATIF rapeseed November 2022 contract up €21.25/t to €622.75/t;
• ASX Jan 2023 wheat contract up A$4/t to $387/t;
• ASX Jan 2023 barley contract unchanged at $A300/t;
• AUD dollar weaker at US$0.687.

International

According to the Turkish Defence Minister, 1-20 August grain exports from Ukraine’s Black Sea ports are at 656,349 tonnes. As of 20 Aug, 51 vessels are engaged to ship grain, including 27 vessels that have left Ukrainian ports and 24 ready for loading.

Sovecon noted that prices in the Russian domestic market are falling as supply is rising rapidly, particularly low protein wheat. “Farmers are getting concerned about the storage availability: the crop is huge, sales are sluggish and the sunflower and corn harvest is approaching,” Sovecon said, adding that it had observed such a situation for the first time since the 2017/18 season.

China’s scorched southwestern regions extended curbs on power consumption on Monday as they deal with dwindling hydropower output and surging household electricity demand during a long drought and heatwave. State weather forecasters issued a heat “red alert” for the 11th consecutive day on Monday, as extreme weather continues to play havoc with power supplies and damage crops. The drought has already “severely affected” mid-season rice and summer corn in some southern regions, the ministry of agriculture said on Sunday.

Turkey doubled its imports of Russian oil this year, Refinitiv Eikon data showed on Monday, as the two countries are set for broader cooperation in business and especially energy trade in the face of western sanctions against Moscow.

Crop progress conditions showed US corn crop conditions declined 2pc to 55pc good/excellent (the market was expecting steady conditions). Soybean conditions fell 1pc to 57pc good/excellent.

U.N. Secretary-General Antonio Guterres said on Saturday the United Nations is working with the United States and European Union to overcome obstacles to Russian food and fertilisers reaching world markets. Guterres said that under the deal agreed in Turkey last month that “The other part of this package deal is the unimpeded access to the global markets of Russian food and fertiliser, which are not subject to sanctions,” Guterres said in Istanbul, where he visited the JCC. He said those countries that imposed sanctions on Russia over its invasion of Ukraine had made clear that the measures did not apply to food and fertilisers, but added there had nevertheless been a “chilling effect” on export.

Australia