The oilseeds eased 1-2pc and wheat markets eased 1-3pc.
- Chicago wheat May 2023 contract down US19.75 cents per bushel to 663.5c/bu;
- Kansas wheat May 2023 contract down 9c/bu to 811.25c/bu;
- Minneapolis wheat May 2023 down 12c/bu to 833.75c/bu;
- MATIF wheat May 2023 down €5.50/t to €248/t;
- Black Sea wheat May 2023 down US$1/t to $285/t;
- Corn May 2023 contract up 3.5c/bu to 633.5c/bu;
- Soybeans May 2023 contract down 18.5c/bu to 1448.5c/bu;
- Winnipeg canola May 2023 contract down C$9.40/t to $720/t;
- MATIF rapeseed May 2023 contract down €10.50/t to €430.50/t;
- ASX May 2023 wheat contract down A$3/t to $386/t;
- ASX January 2024 wheat contract down A$4.50/t to $392/t;
- ASX January 2024 barley contract unchanged at A$339.20/t;
- AUD dollar eased 35 points to US$0.6684
The US Federal Reserve raised interest rates by a quarter of a point yesterday as they try to balance the risk of rising inflation with the increasing concern about the banking system. Jerome Powell said that officials “considered” pausing interest rates because of the banking problems but noted that the economic data had been strong. He added that the American banking system was “sound and resilient.” He also called Silicon Valley Bank, an “outlier,” implying its problems were unique and was not a reason to panic.
According to SovEcon, Russia is likely to experience a significant reduction in crop production next season at an estimated 85.3Mt, 18.9Mt lower than 2022-23 but close to the five year average. Lower production reflects a fall in the area planted and the expectation of generally average weather conditions, unlike the extremely favourable conditions experienced last season.
Brazil’s Agroconsult reports that based on nationwide survey data, despite the impact of drought-like conditions in Rio Grande do Sul, 2022-23 soybean production is seen 2.0Mt higher than before, at 155.0Mt (125.5Mt previous year). Total exports seen at 96.0Mt (78.7Mt previous year), with processing placed at 53.9Mt (49.4Mt). Total maize production forecast at 125.5Mt (113.1Mt previous year). Exports potentially to exceed 50.0Mt (46.7Mt previous year).
Agriculture and Agri-Food Canada (AAFC) issued its March supply and demand estimates yesterday keeping nearly all of its numbers unchanged from February. Canola production for 2023-24 is still pegged at 18.5Mt (18.1Mt previous year) with ending stocks holding at 850,000 tonnes (800kt previous year). Wheat production at 34.3Mt (33.8Mt previous year) with ending stocks at 5.7Mt (4.4Mt previous year).
According to India’s Meteorological Department, as at 21 Mar, cumulative month to date rainfall is estimated to be 20pc above the long-term average, with excessive or normal rainfall at 69pc of monitoring stations.
The European Commission has announced that it will provide financial assistance to farmers in Poland, Bulgaria and Romania, to help deal with the impact of sizeable imports of grains and oilseeds from Ukraine.
US private exporters reported sales of 178,000 tonnes of corn for delivery to China during the 2022-23 marketing year, taking the 7 day total to 2.4Mt.
The Turkish Grain Board is reportedly seeking to buy 695 000 tonnes of red milling wheat in a tender that closes March 28
Local markets continued to drift lower yesterday with wheat values off $5-6/t across the boards, barley was also off a few bucks and canola continued its downward move. Bids were hard to come by in general in the market.
The 8-day rainfall forecast now has a bit more pencilled in for WA with most cropping regions looking at 10-25mm. NSW looking at 15-50mm for the eastern half of the state, which is similar in VIC. SA totals are lower with 5-15mm on the cards for most, with similar totals expected in southeast Qld.
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