Daily Market Wire 24 February 2022

Lachstock Consulting February 24, 2022

Wheat and soybeans lifted 1-3pc, and soybean meal ended 4pc firmer.

  • Chicago wheat May contract up US32.25cents per bushel to 884.75c/bu;
  • Kansas wheat May contract up 31c/bu to 918c/bu;
  • Minneapolis wheat May up 15c/bu to 1002.75c/bu;
  • MATIF wheat May contract up €9.50/t to €294/t;
  • Black Sea wheat March contract up $6.75/t to $316.50/t
  • Corn May contract up 8.75c/bu to 681.25c/bu;
  • Soybeans May contract up 36c/bu to 1671c/bu;
  • Winnipeg canola May 2022 contract up C$5.80/t to $1032.70/t;
  • MATIF rapeseed May 2022 contract up €10.75/t to €740.25/t;
  • ASX March 2022 wheat contract up A$3/t to A$369/t;
  • ASX Jan 2023 wheat contract up $10/t to $385/t;
  • AUD dollar firmer at US$0.723;
  • Crude oil up 1pc;
  • Dow Jones Industrials Average down 1pc.


The Russian war premium was clearly not big enough yesterday and the market got busy adding more in, as is the case with bull markets. US crop conditions by state took another hit with Oklahoma rated at just 9 per cent good to excellent. Buyer demand is also rolling into the mix, with all and sundry looking for wheat offers.

Sanctions against Russia have started, but are not directly impacting agricultural commodity markets. Consumers globally are having difficult conversations: cover now and pay the current risk premium, or wait and run the risk that this is just the start. Egypt’s GASC has called a wheat tender, and it is not normally a “tender-after-a-rally” kind of buyer.


Local markets take time to digest volatile and fast-moving offshore markets. Despite the large moves in futures markets yesterday, and again overnight, the local wheat market has really only firmed A$5/t if that.

Markets continue to show wide bid-offer spreads, or one-sided markets, while buyers handle what they need for the short term in terms of export and domestic demand.

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