US wheat markets and corn gained more than 1pc overnight having plumbed post-invasion lows this week. Oilseeds were mixed and ASX wheat eased 1pc.
- Chicago wheat March 2023 contract up US 14.5 cents per bushel to 734.5c/bu;
- Kansas wheat March 2023 contract up 14.75c/bu at 833.75c/bu;
- Minneapolis wheat March 2023 contract up 15.25c/bu to 903c/bu;
- MATIF wheat March 2023 contract up €2.50/t to €281.75/t;
- Black Sea wheat March 2023 contract down US$0.75/t to $306/t;
- Corn March 2023 contract up 10.75c/bu to 677c/bu;
- Soybeans March 2023 contract down 1.75c/bu to 1488.5c/bu;
- Winnipeg canola March 2023 contract down C$10/t to $796.70/t;
- MATIF rapeseed February 2023 contract up €3.75/t to €533/t;
- ASX Mar 2023 wheat contract down A$4/t to $371/t;
- ASX Mar 2023 barley contract unchanged at A$307.50/t;
- AUD dollar firmed to US$0.706.
The Texas winter wheat rated in good-to-excellent condition for the week ending 22 Jan declined by 10pc since a previous survey on 27 Nov 2022. Crops rated poor or very poor increased to 43pc up from 29pc in November.
European Commission data show 2022-23 EU soft wheat exports reached 18.14Mt by 22 Jan, up 6pc compared with previous year. EU barley exports at 3.09Mt, were down 40pc, while EU maize imports at 16.13Mt up 81pc.
Indian wheat prices hit a new record high on Monday, following a delay in releasing extra stocks by the government to boost supplies with the domestic market squeezed by shortages following last year’s drought-impacted crop.
South American crop consultant Michael Cordonnier has kept his Argentine crop estimates at 39Mt soybeans and 44Mt corn, saying he will monitor weather developments before any additional adjustments after recent rains provided some relief. Dr Cordonnier kept his Brazilian crop forecasts unchanged at 151Mt soybeans and 125Mt corn.
Iraq’s state grains buyer has issued a tender to 50,000t milling wheat with participation reportedly restricted to Australia, Canada and the US.
Local markets markets dipped yesterday reflecting softer futures and the AUD rising beyond US0.70c. Wheat cash bids eased A$5-7/t, while barley values in Victoria delivered prompt held ground. Canola bids eased $15/t to take them below $700/t track on the east coast and their lowest level since August 2021.
Grower selling liquidity has been mostly poor. The Darling Downs has experienced a heavier offer side in the lead up to sorghum harvest with crops coming off in western Downs this week and next. Qld crop prospects are still sound but are more variable through NNSW as patchy establishment and a dry December caused some yield loss.
Viterra reports that growers delivered another 160,000t during the week, taking total receivals to 8.61Mt and that despite deliveries slowing, more records were broken last week.