US HRW and SRW wheats, and soybeans, eased more than one per cent. Canola and rapeseed made small gains. The Dow Jones Industrials Average gained 1pc.
- Chicago wheat December contract down US12 cents per bushel to 838.75c/bu;
- Kansas wheat December contract down 10.25c/bu at 938c/bu;
- Minneapolis wheat December contract down 3.75c/bu to 957.75c/bu;
- MATIF wheat December contract down €3/t to €339/t;
- Black Sea wheat December contract down US$1.75/t to $327/t;
- Corn December contract down 2.75c/bu to 681.5c/bu;
- Soybeans November contract down 23.5c/bu to 1372c/bu;
- Winnipeg canola March 2023 contract was up C$2.50/t to $886.80/t;
- MATIF rapeseed February 2023 contract up €8.25/t to €645/t;
- ASX Jan 2023 wheat contract unchanged at A$488/t ;
- ASX Jan 2023 barley contract unchanged at A$341/t;
- AUD dollar weaker at US$0.631.
Russia has reportedly asked for more data from the UN on the grain deal, insisting the grain is not going to the poorest countries and that Russian exports are limited. Russia’s Foreign Minister Sergey Lavrov has said a lot of issues need to be resolved before the expiry of the deal.
Ukraine said its facilities are operating well below capacity, accusing Russia of impeding the full implementation of the deal. “Russia is deliberately blocking the full realisation of the Grain Initiative,” Ukraine’s Infrastructure Ministry said according to Reuters. “As a result, these (Ukrainian) ports in the last few days are working only at 25pc to 30pc of their capacity,” it reported.
Agriculture and Agri-Food Canada (AAFC) have revised 2022 wheat exports 100,000t higher this month to 23.3Mt (drought cut the quantity to 15.1Mt previous year), with closing stocks trimmed by 100,000t, to 6.2Mt (3.7Mt previous year).
According to General Admin. of Customs data China’s September wheat imports were 370,000t with Jan-Sep cumulative total at 6.6Mt (-13pc y/y), barley 360,000t, cumulative 4.4Mt (-49pc), maize 1.5Mt, cumulative at 18.5Mt (-26pc), sorghum 920,000t, cumulative at 8.9Mt (+21pc). Soybean imports at 7.7Mt, cumulative at 69.0Mt (-7pc)
Saudi Arabia’s SAGO purchased 566,000t milling wheat in international tender on Friday for Mar-Apr shipment.
Thailand Traders seek 180,000t feed wheat from optional origins, for Feb-Apr shipment
Turkey Traders purchased 470,000t milling wheat, mainly from the Black Sea region (most likely Russia), at $326.80-$354.00 c&f for Nov/Dec shipment.
Iraq has amended the date of its tender for 50,000 t milling wheat to 30 Oct, from 24 Oct.
Market activity in eastern Australia was minimal on Monday but in WA growers are bringing grain to market as harvest slowly gets underway.
Quality downgrades and considerable yield losses are expected across New South Wales and Victoria as floodwater spreads across major growing regions of both states.
Logistics will continue to be a major headache with road closures and significant damage to roads caused by flood water. The Sturt, Newell and Kamilaroi highways are currently closed in multiple locations in NSW and there are multiple road closures due to flooding across southern Qld and Vic.