Daily Market Wire 29 August 2022

Lachstock Consulting, August 29, 2022

US wheat, soybean and corn markets gain 2pc. The Dow Jones Industrials Average fell 3pc.

  • Chicago wheat December contract up US16.25 cents per bushel to 805.25c/bu;
  • Kansas wheat December contract up 16c/bu to 882.25c/bu;
  • Minneapolis wheat December contract up 13.75c/bu to 909.5c/bu;
  • MATIF wheat December contract up €2/t to €319.25/t;
  • Black Sea wheat December contract down $14.75/t to $319.50/t;
  • Corn December contract up 14.25c/bu to 664.25c/bu;
  • Soybeans November contract up 30c/bu to 1461.25c/bu;
  • Winnipeg canola November 2022 contract was up C$22.10/t to $855.80/t;
  • MATIF rapeseed November 2022 contract up €5.50/t to €629.25/t;
  • ASX Jan 2023 wheat contract down A$6.50/t to $397/t;
  • ASX Jan 2023 barley contract unchanged at  A$320/t;
  • AUD dollar weaker at US$0.686.


US ProFarmer crop tour results have revealed worse corn yields than expected. Yield estimates are informed by observations collected by more than 100 crop scouts who sampled nearly 3,400 fields across Ohio, Indiana, Illinois, South Dakota, Nebraska, Iowa and Minnesota. “The crop hasn’t gotten better in the eastern Corn Belt from Aug. 1,” said Chip Flory, a tour leader. “It might have come back just a bit. In the West, the crop has gone backwards since Aug. 1. So, no, there is no way, I don’t think, that the East makes up for the West.” Pro Farmer projects that farmers will harvest a corn crop of 13.759 billion bushels, which would be the smallest since 2019, based on an average yield of 168.1 bushels per acre (USDA 175.4) and a soybean crop of 4.535 billion bushels based on an average yield of 51.7 bushels per acre (USDA 51.9).

President Zelenskiy said on Friday that Ukraine has now exported one million tonnes of agricultural products from its Black Sea ports. He said a total of 44 ships had been sent to 15 nations. A further 70 applications for ships to be loaded had been received. He said that Kyiv’s goal was to export three million tonnes a month.

The Joint Coordination Centre reports that effective from 26 Aug, a new more efficient route for Ukrainian seaborne grain exports has been established. The route connects the three Ukrainian ports with the inspection points within Turkish territorial waters, and is 320 nautical miles long.

Ukraine harvested grains from 6.6 million hectares, or 59pc of planted areas, so far this year, the Agriculture Ministry said. Wheat harvest totalled 18.8Mt (compared to 32.5Mt by Aug. 26, 2021)

According to FranceAgriMer 47pc of the French corn crop is in good or very good condition (50pc a week earlier and 91pc a year ago), the lowest rating for this time of year in at least a decade.

The European Commission has raised its 2022/23 common wheat production forecast by 2.1Mt, to 126.0Mt (130.1m previous year). Barley production forecast was cut by 1.1Mt, to 50.4Mt (52.0Mt). Maize production forecast slashed by 6.5Mt, to 59.3Mt (72.7Mt). Rapeseed production forecast lifted by 0.9Mt, to 18.8Mt (17.0Mt previous year).


Current crop markets continued to find a bid yesterday in wheat and barley at values a touch stronger. New crop wheat and barley trade values continued firmer. Grower bid prices were up $5-6/t.

Rainfall totals were mostly low in WA’s grain-growing regions, and were also low in northern NSW and Qld. SA, Vic and southern and central NSW had more substantial falls, receiving between 15-30mm. More showers forecast for next week for Qld, NSW and Vic. SA and WA, at this stage, are expected to have a relatively dry week.

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