Daily Market Wire 29 March 2023

Lachstock Consulting, March 29, 2023

Soybeans gained almost 2pc.  Wheat markets, and the Australian currency, gained about 1pc.

  • Chicago wheat May 2023 contract up US1.75 cents per bushel to 699.75c/bu;
  • Kansas wheat May 2023 contract up 12.25c/bu to 872.5c/bu;
  • Minneapolis wheat May 2023  up 9c/bu to 882.5c/bu;
  • MATIF wheat May 2023 down €3.25/t to €263.50/t;
  • Black Sea wheat May 2023 down US$0.50/t to $286/t;
  • Corn May 2023 contract down 1c/bu to 647.25c/bu;
  • Soybeans May 2023 contract up 25.5c/bu to 1467.75c/bu;
  • Winnipeg canola May 2023 contract up C$9.20/t to $762.40/t;
  • MATIF rapeseed May 2023 contract unchanged at €471.75/t;
  • ASX May 2023 wheat contract up A$7/t to $393/t;
  • ASX January 2024 wheat contract up A$4/t to $400/t;
  • ASX January 2024 barley contract unchanged at A$339.20/t;
  • AUD dollar gained 59 points to US$0.6709


The USDA weekly winter crop conditions report as of 26 March had Kansas good/excellent rating unchanged at 19pc, Oklahoma up by 5pc to 34pc good/excellent and Texas down by 5 points to 18pc good/excellent. Colorado was down 8pc to 28pc and Montana up 10pc to 31pc. 

The USDA Foreign Agricultural Service post in Canada reported dryness persisting in scattered growing areas of Alberta and Saskatchewan. It said there was still time for spring precipitation. Eastern Canadian soybean producers were awaiting warmer temperatures to dry the heavy-to-adequate snow accumulation. Canada’s 2023-24 net total production of oilseeds (canola, soybean, and sunflower seeds) was forecast to decrease by less than 1pc to 24.7Mt. Canola production was forecast to increase while soybean production was forecast to decrease.  

Ukraine’s winter wheat crop remains in good condition with the Ministry of Agrarian Policy forecasting 4.8Mt of barley production from 1.5Mha (0.5Mha winter barley, 1Mha spring barley) at a yield of 3.04t/ha. Winter wheat area is estimated at 4.1Mha and spring wheat at 285,000 ha. Spring wheat is about 30pc planted, ahead of last year’s pace by a week and three weeks ahead of 2020 and 2021. Green Square Agro Consulting director Mike Lee assessed Ukraine’s wartime production potential saying if front lines were to remain in position, Ukraine should achieve a wheat crop of 18Mt, with a possible 20Mt depending on April-May rainfall.

Brazilian national agricultural agency CONAB reported, at 25 Mar, the 2022-23 first (full season) maize crop harvest was 42pc complete (35pc previous week, 47pc previous year). Second (safrinha) crop plantings were 91pc complete (85pc, 98pc). Recent Rains in Mato Grosso were deemed beneficial for crop development and yield prospects, while reduced precipitation in Paraná allowed fieldwork to progress. Soybean harvest was 69pc complete (63pc, 76pc). Harvest in Mato Grosso neared completion, with yields reportedly good. Little progress was made in Rio Grande do Sul, where crops were seen in varied conditions. Good progress was made in Paraná, where crop quality was good, and yields exceeded earlier expectations.  

Food Corporation of India chairman told media India was expected to produce a record wheat crop of 112Mt despite concern about recent heavy rain, but the wheat export ban would remain in place.  

Turkey has reportedly bought 695,000t milling wheat at tender with prices ranging from US$286-309/t c&f for May-June-July shipment.

Private importers in The Philippines reportedly purchased 220,000t feed wheat from Australia, at US$309-$318/t c&f, Jun/Sep shipment. 


Local market remained subdued yesterday in eastern Australia and SA, while the WA wheat market continued with moderate trading activity in ASW1 and ASW9 at Kwinana and Albany port zones. Barley demand remained steady in south-eastern Australia, and the weight remained bid side on the Darling Downs.

Rain continued to fall across SA, Vic and NSW with some big 24-hour totals received across northeast and southern NSW and eastern Vic with more on the way today and into next week, including more for WA. The timing of this rainfall event could not be better for the 2023-24 winter cropping season. 


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