US wheat markets made further gains as did crude oil. Oilseeds eased a little.
- Chicago wheat December contract up US12.75 cents per bushel to 813.25c/bu;
- Kansas wheat December contract up 14.25c/bu to 893.25c/bu;
- Minneapolis wheat December contract up 8c/bu to 920c/bu;
- MATIF wheat December contract down €4/t to €322/t;
- Black Sea wheat December contract down $3.25/t to $337.25/t;
- Corn December contract up 2c/bu to 657.25c/bu;
- Soybeans November contract down 4c/bu to 1457c/bu;
- Winnipeg canola November 2022 contract was down C$6.80/t to $843.60/t;
- MATIF rapeseed November 2022 contract down €2.25/t to €633.25/t;
- ASX Jan 2023 wheat contract up A$11/t to $402/t;
- ASX Jan 2023 barley contract up A$15/t to $320/t;
- AUD dollar weaker at US$0.690.
According to Russia’s Ag Ministry, as at 22 Aug, 2022/23 wheat harvesting was 59pc done at 75.0Mt, with productivity at 4.3t/ha (+35pc y/y), barley at 59pc complete at 15.7Mt, with productivity at 3.3t/ha (+31pc y/y). Rapeseed collection at 24pc finished at 1.2Mt, with yields at 2.8t/ha (+25pc y/y)
Refinitiv Commodities Research lowered 2022/23 EU maize production by 5.8Mt, to 60.3Mt (65.8Mt European Commission end-Jul, 72.7Mt previous year) reflecting the impact of hot and dry growing conditions. It maintained its estimate of common wheat production estimate at 124.4Mt (123.9Mt European Commission end-Jul, 130.1Mt previous year). Rapeseed production was forecast unchanged, from previous estimate, at 17.6Mt.
Private US exporters reported sales of 517,000t soybeans for delivery to China during the 2022/2023 marketing year.
AgroConsult estimates Brazillian 2022/23 grain and oilseeds production at 300.0Mt (271.4Mt government estimate for previous year) with area seen expanding by 2.5Mha, mainly linked to larger projected soybean sowings.
Indonesia’s Trade Minister has extended palm oil export levy waiver until 31 October in an effort to boost palm oil exports.
Local markets continued to catch a bid yesterday and values were a touch firmer across the board. Barley was the stand out, its current crop eastern states and South Australian bids picking up on Clear Grain Exchange and new crop attracted some buyers at current values domestically and offshore. New season canola bids to growers were up $10-15/t in Vic/SA.