Markets

Daily Market Wire 24 November 2022

Lachstock Consulting, November 24, 2022

Weakness in US currency helped US-dollar-denominated commodity prices firm overnight. European rapeseed fell 3pc. Brent crude fell 4pc.

  • Chicago wheat March 2023 contract up US3 cents per bushel to 813.5c/bu;
  • Kansas wheat March 2023 contract up 7.75c/bu at 919.75c/bu;
  • Minneapolis wheat March 2023 contract up 2c/bu to 952.25c/bu;
  • MATIF wheat March 2023 contract down €3.25/t to  €319/t;
  • Black Sea wheat March 2023 contract down US$0.25 to $321/t;
  • Corn March 2023 contract up 7c/bu to 666.25c/bu;
  • Soybeans March 2023 contract up 5.5c/bu to 1442c/bu;
  • Winnipeg canola March 2023 contract was down C$6.80/t at $823.10/t;
  • MATIF rapeseed February 2023 contract down €19.25/t to €585.50/t;
  • ASX Jan 2023 wheat contract down $A8/t to $428/t; note the ASX grain futures daily activity report published 23 November settlement price is $435/t, down $1/t from previous, but after the Australian day session the contract traded to a low of $428/t.
  • ASX Jan 2023 barley contract unchanged at A$327.50/t;
  • AUD dollar firmer at US$0.673.

International

Mexican President Andres Manuel Lopez Obrador has said that he’s considering allowing imports of genetically modified yellow corn for livestock feed, signalling he may be softening his stance on a planned ban of GM corn by early 2024 amid pressure from the US government.
 The first vessel carrying Brazilian corn to China left Santos port yesterday carrying 68,000t. Three more are expected over the coming week and another in early December. It is believed that 15 cargoes or 1 million tonnes have been booked.
 Brazilian grain exporting association Anec yesterday estimated that calendar 2023 corn exports could reach the 40-50Mt range, compared to 41Mt this year, with as much as 5Mt of that going to China. 

Russia’s Ag Ministry reports that 2023-24 winter grains and rapeseed plantings are complete on 17.6Mha (-4pc y/y), including winter wheat on 15.6Mha, barley on 679,300ha and rapeseed on 588,221ha.
 According to the Ukraine Ag Ministry, as at 22 Nov, 2023-24 winter crop sowing was complete on 4.4Mha (94pc of intended area), incl. wheat on 3.8Mha (94pc) and barley on 613,000ha (91pc).
 European Commission data showed cumulative soft wheat exports from 1 July to 20 November at 13.63Mt, up from 13Mt last year. Corn imports of 11.54Mt are more than double last year’s 5.09Mt.
 The Turkish Grain Board is seeking 455,000t red milling wheat in a tender that closes 29 November. 

Australia

Local markets continued to feel the pressure. The weather forecast is remaining clear and is providing confidence for growers and traders for a good solid run at harvest for the next 8-10 days. 

Wheat was softer over the day by a few bucks. Canola saw some further weakness with WA putting further pressure on prices with a bumper harvest. Barley was a touch softer also but malt spreads have now pushed out to A$150/t-plus for Planet malt in SA and the eastern states.

 

 

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