Wheat markets and Chicago corn settled between 2pc and 3pc lower in overnight trade. Canola firmed 3pc and EU rapeseed eased 1pc following the previous day 4pc gain.
- Chicago wheat March contract down US20.5 cents per bushel to 783.5c/bu;
- Kansas wheat March contract down 21.25c/bu to 821.75c/bu;
- Minneapolis wheat March down 25c/bu to 999.5c/bu;
- MATIF wheat March contract down €9/t to €280.50;
- Corn March contract down 10c/bu to 604.75c/bu;
- Soybeans March contract down 3.5c/bu to 1368c/bu
- Winnipeg canola January 2022 contract up C$28.80/t to $1038.50/t;
- MATIF rapeseed February 2022 contract down €10.75/t to €769/t;
- ASX wheat contracts did not trade yesterday;
In other markets the Black Sea wheat contract fell USD$3.50/t, soybean meal was a rare green close, up USD$0.90/st while soybean oil fell 0.28usc/lb.
Dryness in Argentina has kept the seller at bay in the row-crop pits. Most of the soybean belt is set to only receive 30-40 per cent of normal rainfall for the next 15 days. However, central Brazil has more than 200 millimetres of rain forecast, or 250-350pc of normal forecast, over the same period.
China is looking to approve several GMO corn varieties for domestic production, further strengthening its desire to be less reliant on the global commodity markets. Chinese President Xi Jinping reiterated, ensuring grain security and agricultural product supply at a meeting before the two-day Central Rural Work Conference held December 25-26.
Fertiliser prices, as reflected by US Gulf Urea, are up 218 per cent for the year so far.
Local markets have gotten back into the swing of things after the Christmas break, and early cashboard pricing has kicked off relatively unchanged from before Christmas.
Growers continued to harvest over the Christmas break, and for the first time this harvest, growers can comfortably look at the Bureau of Meteorology’s eight-day forecast and see a very clear run that should bring the season to its tail end for a large part of the Aussie cropping belts.
Source: Lachstock Consulting