Wheat markets weakened about 2pc overnight and currencies firmed.
- Chicago wheat July contract down US12c/bu to 662.25c;
- Kansas wheat July contract down 8.75c/bu to 615.25c;
- Minneapolis wheat July contract down 15.75c/bu to 684.75c;
- MATIF wheat September contract down €4.50/t to €208.25/t;
- Corn July contract down 2.25c/bu to 657.25c;
- Soybeans July contract down 3.5c/bu to 1522.75c;
- Winnipeg canola July contract closed for Victoria Day holiday, previous close at C$883.20;
- MATIF rapeseed August contract down €11.75/t to €513/t;
- US dollar index down 0.2 to 89.8;
- AUD firmer at US$0.775;
- CAD firmer at $1.205;
- EUR firmer at $1.222;
- ASX wheat July contract down A$1.50/t to $308/t;
- ASX wheat January 2022 up $2/t to $309/t.
Crop conditions ratings reported overnight were as follows;
– corn planting is 90% in the ground vs 80% average,
– beans were 75% done vs 54% average,
– spring wheat plantings were 94% vs 85% average – conditions were rated at 45% good-to-excellent which compares to an initial average rating of around 70%, and
– winter wheat was 67% headed vs 69% average with conditions rated at 47% good-to-excellent vs 48% last week and 54% last year.
Over one million tonnes of wheat from Russia, Romania, Ukraine, and France was offered in Egypt, with prices ranging from $294.71/t to $273/t C&F. They purchased four cargoes of Romanian wheat, one at $273/t C&F and the other three at $277.80/t C&F, for shipment from August 11 to August 20.
Much-needed rain is pushing across most of SA this morning. Parts of the Yorke Peninsula recording upwards to 11mm and Roseworthy recording 10mm so far. A sigh of relief for farmers as it was getting to crunch time in the winter cropping program and a large proportion of SA has been dry sown. Other areas such as upper north of SA still cannot get sowing due to lack of moisture. This event will kick things back into gear.
Current crop markets yesterday remained steady with wheat and barley trading in small volumes again, with the same old story to keep the nearby execution and demand going. We saw volume trade on ASX east coast wheat, with some spread trading in the July and September contracts.
New crop wheat and barley markets continued to bleed a touch lower on the bid side while offers remained unchanged. Canola was softer by $5/t on Monday.
NSW winter program is nearing the finish line with estimated planting progress around 90-95pc with early emerged crops now desperately searching for that next 10mm of rain.
Source: Lachstock Consulting
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