Daily Market Wire 24 October 2022

Lachstock Consulting October 24, 2022

Friday’s markets closed with mixed small moves. The Dow Jones Industrials Average gained 2pc.

  • Chicago wheat December contract up US1.5 cents per bushel to 850.75c/bu;
  • Kansas wheat December contract down 1.5c/bu at 948.25c/bu;
  • Minneapolis wheat December contract down 1c/bu to 961.5c/bu;
  • MATIF wheat December contract up €3.25/t to €342/t;
  • Black Sea wheat December contract unchanged at US$328.75/t;
  • Corn December contract up 0.25c/bu to 684.25c/bu;
  • Soybeans November contract up 4c/bu to 1395.5c/bu;
  • Winnipeg canola March 2023 contract was up C$6.60/t to $884.30/t;
  • MATIF rapeseed February 2023 contract down €1.75/t to  €636.75/t;
  • ASX Jan 2023 wheat contract down A$6/t to $488/t ;
  • ASX Jan 2023 barley contract unchanged at A$341/t;
  • AUD dollar firmer at US$0.636.


As of 18 October, 82pc of the US was experiencing abnormal dryness/drought, according to the US Drought Monitor, including an estimated 70pc of winter wheat areas. In HRW areas, dryness/drought covers 99pc of Kansas, 77pc of Colorado, 90pc of Montana, 94pc of Texas and 100pc of Nebraska, Oklahoma and South Dakota. In SRW areas, dryness/drought covers 100pc of Missouri, 76pc of Illinois, 100pc of Indiana, 59pc of Ohio, 41pc of Michigan, 86pc of Kentucky and 79pc of Tennessee.
In Saskatchewan significant precipitation is needed this fall and over winter to replenish soil moisture, the province’s agriculture ministry has said. Topsoil moisture on cropland is rated 22pc adequate, 35pc short and 43pc very short “Even the regions that started the year with a surplus of moisture are now becoming very dry”.
Turkish President Tayyip Erdogan said he sees no obstacles to extending the export corridor deal, after discussions with his Russian and Ukrainian counterparts this week. “There is no obstacle to extending the export deal. I saw this in the talks I held with (Ukrainian President Volodymyr) Zelenskyy last night and also in the talks I held with (Russian President Vladimir) Putin,” NTV reported. 

Thailand issued an international tender to purchase up to 180,000t animal feed wheat, European traders said on Friday and offers are now being considered. 

Turkey’s state grain board TMO started making provisional purchases of wheat in an international tender for 495,000t which closed on Friday with about 125,000t initially bought. 

President Xi Jinping formally secured a third term as head of China’s Communist Party. He elevated loyalists and forced out moderates in his new seven-man Politburo Standing Committee. The official titles of the standing committee members will only be confirmed at next year’s parliamentary National People’s Congress meeting, where Xi Jinping will be confirmed as president again. However analysts believe that Li Qiang, who upon leaving the ceremony walked immediately behind Xi Jinping, will become Premier and therefore the one to manage China’s economy. Li Qiang is currently the party secretary of Shanghai and oversaw the city’s controversial lockdown. 


Friday’s local markets continued firmer, accessible sites and guaranteed delivery gaining premiums. Crop quality and crop losses due to flooding remain uncertain. Devastating losses occurred over the weekend and the forecast is not providing any comfort. Rainfall is expected over the coming week throughout Qld, NSW and Victoria. The 8-day forecast for SA and WA is expected to bring 15-50mm rain.

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