Daily Market Wire 26 October 2022

Lachstock Consulting October 26, 2022

All market moves overnight were small, mostly less than one per cent, and mostly weaker. Wheat and rapeseed eased. Corn, soybeans and canola gained. The US dollar index fell further and the Dow Jones Industrials Average gained another 1pc.

  • Chicago wheat December contract down US4 cents per bushel to 834.75c/bu;
  • Kansas wheat December contract down 3.5c/bu at 934.5c/bu;
  • Minneapolis wheat December contract down 5.5c/bu to 952.25c/bu;
  • MATIF wheat December contract down €2.50/t to €336.50/t;
  • Black Sea wheat December contract down US$2.25/t to $324.75/t;
  • Corn December contract up 4.75c/bu to 686.25c/bu;
  • Soybeans November contract up 10c/bu to 1382c/bu;
  • Winnipeg canola March 2023 contract was up C$2.50/t to $886.80/t;
  • MATIF rapeseed February 2023 contract down €7.75/t to  €637.25/t;
  • ASX Jan 2023 wheat contract unchanged at A$488/t ;
  • ASX Jan 2023 barley contract down A$1/t to $340/t;
  • AUD dollar firmer at US$0.640.


The EU MARS October report says normal autumn weather patterns aided harvesting of 2022-23 summer crops and planting of 2023-24 winter crops in most parts of Europe. Persistent drought conditions in north-western Italy and insufficient moisture in southern Spain seemingly have had no significant consequences for winter fieldwork. However, due to dryness through to late August and frequent rains in early September, a portion of rapeseed was sown outside the optimal window in some key producing countries, except for France, where winter sowing was completed on time.
Ukraine Ag Ministry maintained its forecast for winter wheat planting at 3.8 million hectares despite planting delays due to unfavourable weather, saying farmers had planted 3.1 million hectares to winter wheat as of 25 October. Another 500,000 hectares of other winter grains had been sown. Planted area will be down significantly from last year when Ukraine seeded 6.5 million hectares to winter wheat.
Black Sea market analyst SovEcon forecasts October wheat exports from Russia at 4.5Mt compared to 4.1Mt previous month and 2.8Mt in the same month last year. Barley exports are forecast at 300,000t (300,000t last month, 292,000t last year) and maize at 50,000t (50,000t last month, 252,000t last year). 

The Mississippi River was reopened near Hickman in Kentucky and Gunnison in Mississippi as the US Army Corps of Engineers dredged the channel deeper following the grounding of barges. There are reportedly no longer any queues at either location.
 Saudi Arabia’s 566,000t milling wheat purchase was reportedly secured from optional origins, at an average price of US$384.75/t cif. Offers submitted were from the EU, Black Sea, North & South America and Australia. 

Jordan bought 60,000t wheat at $372.75/t for January shipment and issued a new tender to buy 120,000t wheat (deadline for offers is 1 Nov for March/April shipment)


Local markets remained relatively unchanged yesterday with everyone trying to digest the impact of flooding. Eastern Australian canola prices jumped which sparked some interest for growers that have confidence to sell some more crop.
 CBH announced yesterday that as a result of improved supply chain performance, an additional 600,000 tonnes of shipping capacity will be released for the Kwinana zone at 10am AWST today.
 The federal budget last night included announcements that more than $9 billion in regional infrastructure funding would be scrapped in favour of heavy investments in rural health, telecommunications, agriculture and the transition to net-zero. 

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