US wheat markets fell 3pc. Crude oil eased about 2pc.
- Chicago wheat December contract down US24.25 cents per bushel to 789c/bu;
- Kansas wheat December contract down 27c/bu to 866.25c/bu;
- Minneapolis wheat December contract down 24.25c/bu to 895.75c/bu;
- MATIF wheat December contract down €4.75/t to €317.25/t;
- Black Sea wheat December contract down $3/t to $334.25/t;
- Corn December contract down 7.25c/bu to 650c/bu;
- Soybeans November contract down 25.75c/bu to 1431.25c/bu;
- Winnipeg canola November 2022 contract was down C$9.90/t to $833.70/t;
- MATIF rapeseed November 2022 contract down €9.50/t to €623.75/t;
- ASX Jan 2023 wheat contract up A$1.50/t to $403.50/t;
- ASX Jan 2023 barley contract unchanged at A$320/t;
- AUD dollar firmer at US$0.698.
The Russian Union of Grain Exporters estimated a 20pc decrease in wheat exports from Russia in July and August compared to the same period last year.
IGC reports that China is believed to have purchased at least three to four wheat cargoes of about 60,000 t each from France, with some sources estimating the volume at six to eight cargoes. The supplies are understood to have 10-10.5pc protein content, with shipment in Oct-Dec.
Japan’s MAFF purchased 118,881t wheat. The purchases included, from the US, 23,292t WW, 12,715t HRW, 21,800t DNS14, from Canada 34,434t CWRS13.5 from Canada and from Australia 26,640t ASW for Oct loading.
China’s State Council announced a 19-point package focused mainly on infrastructure to counter severe headwinds facing the world’s second-largest economy. It comes on top of a series of other stimulus measures such as financing for banks and last week’s interest-rate cut from the Central Bank.
Refinitiv Commodities Research increased is 2022/23 Canadian wheat production forecast 0.7Mt, to 34.0Mt. Despite recent hot weather, high vegetation density levels were observed across the southern Prairies, with 2022/23 rapeseed production forecast raised by 1pc, to 20.1Mt.
Germany’s cabinet has approved a decree that prioritises the transportation of materials and equipment for energy production on particular rail networks in case water levels on the Rhine River continue to fall. According to ship operators, water levels in the Rhine have risen recently after localised rains but are predicted to fall again amid mostly dry weather forecasts.
Current crop markets continued to find a bid yesterday in wheat and barley at values a touch stronger. New crop wheat and barley trade values continued firmer. Grower bid prices were up $5-6/t.
Rainfall totals were mostly low in WA’s grain-growing regions, and were also low in northern NSW and Qld. SA, Vic and southern and central NSW had more substantial falls, receiving between 15-30mm. More showers forecast for next week for Qld, NSW and Vic. SA and WA, at this stage, are expected to have a relatively dry week.