Wheat markets leapt higher again on Friday. Oilseeds eased.
- Chicago wheat December contract down US14.75c/bu to 756c/bu;
- Kansas wheat December contract up 26.25c/bu to 774c/bu;
- Minneapolis wheat December up 27.75c/bu to 1013c/bu;
- MATIF wheat December contract up €3.50/t to €280/t;
- Corn December contract up 5.75c/bu to 538c/bu;
- Soybeans November contract down 3.5c/bu to 1220.5c/bu;
- Winnipeg canola November contract down C$7.70 to $929.70/t;
- MATIF rapeseed November contract down €11.75/t to €674.50/t;
- US dollar index was down 0.2 to 93.6;
- AUD firmer at US$0.747;
- CAD unchanged at $1.236;
- EUR firmer at $1.165;
- ASX wheat January 2022 down A$3/t to $335/t;
- ASX wheat January 2023 down A$4/t to $356/t.
US rainfall maps have built up even heavier for the eastern Corn Belt, with a solid 2-4″ now forecast for much of that area, bringing more expectations of extended harvest delays.
SRW wheat areas should benefit from the moisture, but with SRW plantings still running behind average there are some concerns that further delays will cut into planted acreage intentions.
French wheat plantings were pegged at 40pc complete by France’s Agrimer on Friday. Winter barley was 59pc planted.
Argentine corn was pegged at 26pc planted.
US cattle on feed figures were down 1.4pc Y-O-Y, with lower placements. Cash feeder markets were reported very weak still in drier parts of the west, despite low stocking rates.
Amid the rally in wheat prices, over a thousand certificates of HRW were confirmed cancelled which raises questions about protein demand and availability in the cash markets. High-pro spring wheat scales remain mostly flat but there’s been continued demand for high-pro HRW.
Rains in Brazil largely have been positively received, current maps adding another two inches across next week for most soybean areas.
Dryness in the Black Sea region finally attracted some broader attention. Extended run models began to add a few chances of rain for southern Russia but very limited currently.
BOM added some more moisture for the east coast later this week in the newest runs. There is a range of 10-20 mm rain forecast from the Mallee northwards through to northern NSW, and similar in the Wimmera region
Source: Lachstock Consulting