Wheat traded mostly higher while oilseeds were steady to lower.
- Chicago wheat July contract up US21.25 cents per bushel to 1190c/bu;
- Kansas wheat July contract up 23.75c/bu to 1276.5c/bu;
- Minneapolis wheat July up 18.5c/bu to 1317c/bu;
- MATIF wheat September contract up €5.25/t to €426/t;
- Black Sea wheat July contract up $3/t to $415/t;
- Corn July contract up 7.5c/bu to 786.25c/bu;
- Soybeans July contract down 18.25c/bu to 1687c/bu;
- Winnipeg canola November 2022 contract steady at C$1058.70/t;
- MATIF rapeseed November 2022 contract down €7/t to €814/t;
- ASX July 2022 wheat contract up A$3.50 to $472.50/t;
- ASX Jan 2023 wheat contract up $5.50/t to $476.50/t;
- AUD dollar firmed to US$0.708.
Nearly half the US spring wheat crop is now in the ground, and corn planting has been going flat out too, which is giving some comfort to the market. If we focus purely on Brazilian basis, maybe we shouldn’t get too comfortable. The impact of the dry conditions through the heart of the safrinha corn belt are still be assessed but the Brazilian corn market has been firm, supporting ideas that the crop could be near the lower end of the range. Oddly, US futures don’t seem to care. We have had a raft of bullish news thrown at the corn market but it hasn’t really moved
France is set to have its hottest May on record. Their crop conditions are on the slide, although the crop is still rated at 73-per-cent good to excellent.
Domestic bids relaxed after the offshore sell off last week, and some additional weight of sellers entering the market. Freight is still the biggest hurdle, with delivered bids, if you can get the freight, holding a $10-15/t premium over ex-farm equivalent.
Showers are expected to continue this week throughout the winter cropping belt with the highest rainfall totals expected in South Australia, Victoria and south-east New South Wales.