Daily Market Wire 27 January 2023

Lachstock Consulting January 27, 2023

Markets gained over the two European/US days, the Hard Red Winter wheat markets surging more than 3pc.

  • Chicago wheat March 2023 contract up US 11.25 cents per bushel to 752.5c/bu, 18c/bu over two days;
  • Kansas wheat March 2023 contract up 21.5c/bu at 864.75c/bu, 31c/bu over two days;
  • Minneapolis wheat March 2023 contract up 8.5c/bu to 918c/bu, 15c/bu over two days;
  • MATIF wheat March 2023 contract up €4.25/t to €288.75/t, €7/t over two days;
  • Black Sea wheat March 2023 contract down US$0.25/t to $305.75/t, previous day unch;
  • Corn March 2023 contract up 7.75c/bu to 682.5c/bu, 5.5c/bu over two days;
  • Soybeans March 2023 contract up 21c/bu to 1523.5c/bu, 35c/bu over two days;
  • Winnipeg canola March 2023 contract up C$5.60/t to $806.10/t, C$9.40/t over two days;
  • MATIF rapeseed February 2023 contract up €15.50/t to €546/t, €13/t over two days;
  • ASX Mar 2023 wheat contract up A$4/t to $375/t, A$4/t over two days;
  • ASX Mar 2023 barley contract unchanged at A$307.50/t;
  • AUD dollar firmed to US$0.711.


USDA reported weekly net sales of 500,400t wheat for 2022-23, up 6pc from the previous week and 84pc from the prior 4-week average.

Recent rains across Argentina surpassed the “most optimistic” forecasts, the Rosario Grain Exchange said, bringing relief to drought-parched crops. “Argentina, undergoing the most significant drought in the last 60 years, received higher rainfall volumes than expected,” the exchange said. The BAGE said most Argentine agricultural areas, a large part of the Uruguayan agricultural area and most of Paraguay will register moderate to very abundant rainfall (10 to 75 mm) this week. 

India will sell up to 3Mt wheat from government stocks to bulk consumers such as flour millers, as part of efforts to bring down prices, a government official told Reuters. Traders were expecting the allocation to be 2Mt.

Iraq’s trade ministry bought 150,000t Australian wheat for April shipment, reportedly at US$445/tonne C&F.

Jordan is tendering to buy 120,000t wheat. Deadline for offers is Jan. 31, for May-June shipment. They have also issued a tender to buy 120,000t barley for the same shipment period. 


Local markets were closed yesterday for the Australia Day public holiday.

Widespread rain of 15-50mm is on the 8-day forecast for northern NSW and Qld. It will be a pain for sorghum crops that are ready for harvest but will benefit later crops. The rain will be very unwelcome for those still grinding away with winter crop harvest in southern Vic. 


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