MATIF wheat gained another 3pc as world markets continued their gains on Friday’s momentum.
- Chicago wheat May 2023 contract up US9.5 cents per bushel to 698c/bu;
- Kansas wheat May 2023 contract up 12.25c/bu to 860.25c/bu;
- Minneapolis wheat May 2023 up 16c/bu to 873.5c/bu;
- MATIF wheat May 2023 up €7.50/t to €266.75/t;
- Black Sea wheat May 2023 down US$0.75/t to $286.50/t;
- Corn May 2023 contract up 5.25c/bu to 648.25c/bu;
- Soybeans May 2023 contract up 14c/bu to 1442.25c/bu;
- Winnipeg canola May 2023 contract up C$9.80/t to $753.20/t;
- MATIF rapeseed May 2023 contract up €14.75/t to €471.75/t;
- ASX May 2023 wheat contract up A$5/t to $386/t;
- ASX January 2024 wheat contract up A$7/t to $396/t;
- ASX January 2024 barley contract unchanged at A$339.20/t;
- AUD dollar gained 5 points to US$0.6650
European agritrade lobby, COCERAL revised upward its estimate of 2023-24 common wheat production by 0.6Mt, to 129.5Mt (126.8Mt previous year) and lowered durum by 0.2Mt, to 7.4Mt (7.2Mt previous year). Maize production was reduced by 2.4Mt, to 62.1Mt (52.3Mt previous year), barley was reduced by 0.7Mt, to 52.5Mt (51.4Mt) and soyabean production was reduced by 0.1Mt, to 2.7Mt (2.2Mt). It raised its projection of rapeseed output by 0.9Mt, to 19.9Mt (19.8Mt) and raised sunflowerseed by 0.6Mt, to 11.2Mt (9.3Mt).
India’s State Ag. Dept. in Punjab reported that heavy rain and hailstorms during the past few days damaged the wheat crops in parts of Punjab, thought to have affected more than 40pc of sown area, equivalent to about 1.5 million hectares (Mha).
According to Russia’s Ag. Minister, 2023-24 winter crop conditions were rated at 93pc satisfactory/good (95pc previous month).
US Farm Futures publication reported that, based on a survey of 801 producers conducted between 4 Mar and 14 Mar, all-wheat 2023-24 acreage was projected at 18.5Mha (20.0Mha USDA Annual Agricultural Outlook Forum, little-changed y/y). The projection included winter wheat at 13.9Mha (15.0m NASS Winter Wheat and Canola Seedings report, +3pc y/y), spring wheat at 4.1m (+6pc y/y), and durum wheat at 0.5m (-28pc), maize at 35.4Mha (36.8Mha USDA Annual Agricultural Outlook Forum, -1pc) and soybean at 36.3Mha (35.5Mha, +2pc)
According to agribusiness consultancy AgRural, Brazil’s 2022-23 soybean harvest was 70pc complete as of 23 March, (62pc previous week, 75pc previous year). It reduced its estimate of 2022-23 soybean production to 150.3Mt, from 150.9Mt.
Local markets started the week on the quiet side, bids were still lacking in the market and liquidity was very steady. WA ASW1 and barley continue to find some trading activity while we saw some faba bean demand on Clear Grain Exchange hit the screen in Port Adelaide zone. Canola values finally saw a green day and were up $20/t across the cash boards.
Weekly rainfall totals for the week to 27 March were handy across NSW and WA with a widespread 15-50mm received, with some pockets of NSW receiving between 50-100mm. Totals for Qld, Vic and SA were lower, but the start is certainly looking better than the long-range forecast predicted.
HAVE YOUR SAY