Market moves over the two sessions resulted in mostly firmer commodity values, but soybeans eased 2pc and soybean meal was down 4pc. The Winnipeg canola price has gained over several months, the November contract rallying almost 40pc since the end of December last year. The Australian dollar has fallen around 7pc from its high of 0.76612 on 5 April 2022. In macro markets brent crude oil has fallen 5pc and the Dow Jones Industrials Average eased 2pc since late last week, despite firming overnight.
Numbers reported below are the totals of 2-day moves.
- Chicago wheat July contract down US4cents per bushel to 1072.5c/bu;
- Kansas wheat July contract up 9.50c/bu to 1153c/bu;
- Minneapolis wheat July up 23c/bu to 1177.5c/bu;
- MATIF wheat September contract up €10.50/t to €367/t;
- Black Sea wheat July contract up $1.75/t to $358.25/t;
- Corn July contract up 2.75c/bu to 798c/bu;
- Soybeans July contract down 44.25c/bu to 1675.25c/bu;
- Winnipeg canola November 2022 contract up C$17.20/t to $1081.80/t;
- MATIF rapeseed November 2022 contract up €5.25/t to €834.50/t;
- ASX July 2022 wheat contract down A$2.50 to $413/t;
- ASX Jan 2023 wheat contract down $2.50/t to $424.50/t;
- AUD dollar weaker at US$0.717.
US winter wheat has gone from bad to worse, USDA pegging the crop rating at 27pc good-to-excellent, a drop of 3pc over the week and a huge difference to last year’s 49pc. Corn was 7pc in the ground, beans 3pc and spring wheat was 13pc planted. If you are running a conditions-based production estimate model you would have the lowest HRW production since the 1970s.
Wheat markets were relatively flat across the board though APW1 was bid $3/t higher to $415/t and SA barley up $5-13/t.
Canada’s Public Sector Pension Investments Board (PSP) majority-owned BFB grain cropping, storage, transport and farm inputs business will be consolidated with Daybreak Cropping. The consolidation will result in one of the biggest cropping operations in Australia consisting of 41 cereal cropping farms across 10 aggregations in four states and will be managed by the current BFB team based in Temora.
A dry long weekend will have allowed sowing activity to pick up before the widespread rainfall forecast for this week.