The oilseeds gained 1-2 percent. Wheat and coarse grains vacillated, settling mostly lower.
- Chicago wheat December down US 6 cents per bushel to 755.75c/bu;
- Kansas wheat December up 5c/bu to 868c/bu;
- Minneapolis wheat December down 0.5c/bu to 879.75c/bu;
- MATIF wheat December 2023 down €0.25/t to €254/t;
- Black Sea wheat December down US$0.25/t to $247.75/t;
- Corn September 2023 down 0.75c/bu to 584c/bu;
- Soybeans November 2023 up 13c/bu to 1323c/bu;
- Winnipeg November canola contract up C$16.50/t to $721.60/t;
- MATIF rapeseed November 2023 up €10/t to €448.75/t;
- ASX January 2024 wheat up A$1.80/t to $404.80/t;
- ASX January 2024 barley up $5/t to $332.50/t;
- AUD dollar eased 2 points to US$0.6675.
President Putin gave a short, televised speech yesterday addressing the rebellion over the weekend, led by Yevgeny Prigozhin (Wagner) and tried to project unity and stability as his leadership is coming into question. Prigozhin also spoke publicly saying that he wasn’t seeking to topple Putin and denied that he had any intention of trying to seize power. He said that he was only protesting the new law that he said would have effectively halted Wagner’s operations in Ukraine.
World Weather Inc reported substantial rain fell across parts of the Dakotas into northern Minnesota during the weekend, while lighter rain fell from southern South Dakota and northern Nebraska into northern Iowa and northern Illinois. A large portion of the Midwest missed the rains and dryness expanded to the southwest because of warm to hot temperatures. Conditions will be mostly dry until late this week when there will be another chance for rains across some areas of the Corn Belt.
Ukraine 2022-23 grain exports as of June 26 were at 48.42Mt, compared with 48.36Mt the previous year, including 16.6Mt wheat (-11pc) 2.7Mt barley (-53pc) and 28.8Mt corn (+23pc)
The Alberta Crop Report for the week ending 20 June, noted rainfall had improved soil moisture in many regions, particularly in the northeast. Some central and northwestern areas reported excessive moisture, including standing water in some fields. However, parts of the Peace Region, as well as southern and central regions, received limited precipitation. Spring wheat condition rated 51pc good/excellent (42pc week ago, 84pc year ago), barley 46pc (36pc, 78pc) and canola 49pc (40pc, 73pc)
The Mexican Govt has imposed a 50pc tariff on imports of white maize, effective 24 June, as a measure aimed at boosting domestic production and reducing reliance on imports.
Market intelligence provider, S&P Global, cut its forecast for economic growth in China this year, calling for Beijing to intensify stimulus efforts to boost economic activity. It now expects China’s economy to grow 5.2pc in 2023, down from an earlier estimate of 5.5pc and said China’s key downside growth risk was that weak confidence among consumers and in the housing market in China would see China’s recovery lose more steam.
The theme of local markets on Monday was much the same as was the theme at the end of last week; buyers exhibited demand for protein wheat in Vic and SA while current and new crop barley and ASW1 in WA tracked sideways. The new crop ASX Jan 24 eastern wheat contract was firmer by a few bucks at the close of the day, trading at $407/t. Canola bids were down but saw some more interest for current crop GM canola in Victoria.
The 8-day forecast continues to have moisture built into NSW and Qld. The widespread rainfall band that developed over northern WA is expected to reach southern parts of South Australia today, before pushing into NSW and southwest Qld tomorrow. It will continue to track slowly eastward.