Markets firm around 1pc overnight, but US winter wheats close lower and soybean oil firms another 3pc. Australian markets gain ground on improved trading volume.

• Chicago wheat July contract down US3.75cents per bushel to 1091.25c/bu;
• Kansas wheat July contract down 10.50c/bu to 1154c/bu;
• Minneapolis wheat July up 12.5c/bu to 1198.75c/bu;
• MATIF wheat September contract up €3.25/t to €378.25/t;
• Black Sea wheat July contract up $2.25/t to $364.75/t;
• Corn July contract up 10.75c/bu to 812.25c/bu;
• Soybeans July contract up 21c/bu to 1692.75c/bu;
• Winnipeg canola November 2022 contract up C$4.80/t to $1112.60/t;
• MATIF rapeseed November 2022 contract down €1.50/t to €855/t;
• ASX July 2022 wheat contract down A$1 to $417.50/t;
• ASX Jan 2023 wheat contract up $1/t to $426.30/t;
• AUD dollar unchanged at US$0.712.

International

Reports that Russia hit a major bridge in the Odesa region that provides access to Ukraine’s Danube ports – part of their strategy to access Romanian Black Sea ports.

The concerns regarding Brazil’s safrinha corn conditions are mounting. Dryness persists in the central and northern areas of the belt, although there is some relief on the forecast for southern areas. Snow and sleet has slowed spring wheat planting to a crawl and, given the elevated levels of the prevent-plant payment, there is a real risk that area simply does not get planted.

Indonesia’s chief economic minister said on Wednesday that the country was expanding the scope of its export ban to include crude and refined palm oil, among other products. Previously, the restriction only included refined, bleached and deodorised palm olein.

Australia

Local markets continued to firm yesterday. Wheat was stronger through NSW on SFW by $5/t and protein wheat also gained more interest through Victoria and South Australia, with values up another $5-10/t range. Canola continues to rally with more strength in new crop values up $20/t east to west coast bids, with new crop east coast track being bid around $1110/t.

Liquidity has picked up on the trading front this week with more in depot stock being let go, there has been talk this week that truck freight rates have softened a little but truck availability still very tight.

Rainfall totals are making for pretty heavy going for spraying and sowing in parts of NSW which is likely to influence some planting decisions if the forecast for more rain in the next week.