Winnipeg canola gained 2pc. Soybeans eased 2pc.

• Chicago wheat May 2023 contract down US1.5 cents per bushel to 662c/bu;
• Kansas wheat May 2023 contract up 8.5c/bu to 819.75c/bu;
• Minneapolis wheat May 2023  up 7.5c/bu to 841.25c/bu;
• MATIF wheat May 2023 down €3/t to €245/t;
• Black Sea wheat May 2023 down US$0.75/t to $284.25/t;
• Corn May 2023 contract down 1.75c/bu to 631.75c/bu;
• Soybeans May 2023 contract down 29c/bu to 1419.5c/bu;
• Winnipeg canola May 2023 contract up C$15.20/t to $735.20/t;
• MATIF rapeseed May 2023 contract up €5.75/t to €436.25/t;
• ASX May 2023 wheat contract unchanged at A$386/t;
• ASX January 2024 wheat contract down A$2/t to $390/t;
• ASX January 2024 barley contract unchanged at A$339.20/t;
• AUD dollar gained 1 point to US$0.6685

International

US weekly net corn sales of 3.1Mt were a marketing-year high and were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China at 2.25Mt. US Private exporters reported sales of another 123,000 tonnes to China yesterday. Wheat net sales of 125,600 tonnes were down 63pc from the previous week and 59pc from the prior 4-week average. Soybean net sales of 152,500 tonnes were down 77pc from the previous week and 55pc from the prior 4-week average.

Buenos Aires Grains Exchange maintained its 2022-23 production forecasts for both soy and corn yesterday after weeks of successive cuts, with its soybean production estimate at 25Mt and corn 36Mt.

Refinitiv Commodities Research has cut their 2022-23 maize production forecast for Argentina by a further 5pc, to 39.5Mt. 2022-23 soybean output expectations slashed by 9pc, to 31.8Mt, reflecting low and receding vegetation densities due to sustained hot, dry weather

According to the Rosario Grains Exchange, Argentina’s soybean imports are expected to more than double this season due to the devastating impacts drought. The exchange predicts that Argentina will import 7.9Mt of soybeans this season, up 139pc. “Brazil has been emerging in this first part of the year as a growing supplier of soybeans for the Argentine oil industry, in addition to the high supply from Paraguay,” it said

Brazil’s ABIOVE has revised 2022-23 soybean production up 1Mt to 153.6Mt, exports up 300kt at 92.3Mt, crush is estimated at 52.5Mt (+1.6Mt from last year) and stocks at 11.0Mt. Total soymeal production is forecast at 40.2Mt, with exports at 20.7Mt and local use at 18.1Mt.

According to Ukraine’s Ag. Ministry, as at 22 Mar, cumulative 2022-23 grains exports totalled 36.3Mt, including wheat at 12.4Mt, maize at 21.3Mt and barley at 2.3Mt. March month to date exports are at 4.0Mt.

Jordan’s state grains buyer reportedly purchased 110,000 tonnes of feed barley from optional origins, at $267 c&f, for Aug shipment and issued a new tender (28 Mar) for 120,000 tonnes of milling wheat from optional origins, for Sep/Oct shipment.

Australia

Local markets continued to slide yesterday and the bids were still hard to come by. The market certainly seems to have taken a step back for now.

Despite some patchy rain in northern NSW and southern Qld over the past week, sorghum harvest has continued at a decent pace. Some decent rainfall across parts of central and southern NSW has improved the mood with more rainfall on the forecast for next week. Early winter crop planting is underway in some areas with dual purpose varieties. Plummeting canola values are likely to result in a pullback in area planted, but good soil moisture availability and a decent break may limit the downside.