Wheat and corn values fell in Friday trading but oilseeds rose.
- Chicago wheat July contract down US31.75cents per bushel to 1168.75c/bu;
- Kansas wheat July contract down 42.5c/bu to 1252.75c/bu;
- Minneapolis wheat July down 51.5c/bu to 1279c/bu;
- MATIF wheat September contract down €1.50/t to €420.75/t;
- Black Sea wheat July contract down $2/t to $412/t;
- Corn July contract down 4.5c/bu to 778.75c/bu;
- Soybeans July contract up 14.75c/bu to 1705.25c/bu;
- Winnipeg canola November 2022 contract up C$10.80/t to $1058.70/t;
- MATIF rapeseed November 2022 contract up €7.50/t to €821/t;
- ASX July 2022 wheat contract down $8/t to $469/t;
- ASX Jan 2023 wheat contract down $19/t to $471/t;
- AUD dollar weakened to US$0.700.
US Hard Red Spring (HRS) wheat is within sight of its prevent-plant dates and, at three minutes to midnight, the planting window has opened. Every year it seems the grower can get more planted in a shorter amount of time so the trade will have some pretty big expectations for increases in both HRS and corn. Meanwhile the French crop was rated down 9 per cent from the previous week to be rated 73pc good to excellent.
China, is still in the midst of an extensive COVID lockdown, and its purchases of Russian energy jumped 75pc in April.
Estimates are as wide as you will ever experience at the moment, with Brazilian corn seen at 107-116 million tonnes (Mt), Russian wheat exports at 20-40Mt, and Ukrainian wheat exports at zero to 20Mt.
Local markets were a bit of a mixed bag to finish the week, with liquidity in cereal markets remaining in depot sites and well bid, although we did see things run out of puff come Friday. Trade markets were softer by Friday close. New-crop canola bled a little lower, with east-coast grower track bids at the A$1030/t level and Western Australian canola free in store finishing the week bid at $1140/t.
Port congestion is not getting any better, with wait times increasing in most major ports, and the longest being in Albany, Brisbane, Esperance, Kwinana and Port Lincoln.
The weekend was dry for most winter-cropping areas, with the exception of some showers in northern NSW and southern Queensland, where they are least wanted. The eight-day forecast is looking promising for South Australia, southern WA, southern NSW and most of Victoria, but more showers for central and northern NSW and southern Queensland will keep adding pressure to very wet paddocks.