MATIF rapeseed Friday made up most of the previous day losses. Soybeans, corn and spring wheat gained about 2 per cent. STOP PRESS: Brent crude oil price spiked 5pc on the weekend following OPEC+ production cut announcement.

• Chicago wheat May 2023 contract unchanged at US692.25 cents per bushel;
• Kansas wheat May 2023 contract up 6.25c/bu to 877.75c/bu;
• Minneapolis wheat May 2023 up 16c/bu to 895.75c/bu;
• MATIF wheat May 2023 down €1.50/t to €260.25/t;
• Black Sea wheat May 2023 down US$1/t to $283/t;
• Corn May 2023 contract up 11c/bu to 660.5c/bu;
• Soybeans May 2023 contract up 31c/bu to 1505.5c/bu;
• Winnipeg canola May 2023 contract up C$3.30/t to $767.90/t;
• MATIF rapeseed May 2023 contract up €9/t to €475.75/t;
• ASX May 2023 wheat contract unchanged at A$391/t;
• ASX January 2024 wheat contract down A$2.50/t to $400/t;
• ASX January 2024 barley contract unchanged at A$332.20/t;
• AUD dollar eased 27 points to US$0.6685

International

Friday’s USDA stocks estimates for corn and soybeans stocks were slightly below pre-report expectations and were higher for wheat. Its prospective plantings estimates were above pre-report expectations for corn and total wheat, but slightly below expectations for spring wheat. Soybean acreage was below pre report expectations.

Nine members of OPEC+ announced a surprise “voluntary” collective output cut totalling 1.66 million barrels per day with effect from May until the end of 2023.

Russia’s Ag Ministry received notification from Viterra it would cease origination and export programmes from 1 July, the start of the 2023/24 marketing year, and assess options to transfer its business and assets in Russia to new owners.

Buenos Aires Grain Exchange reported that, for the week ending 29 March, soybean conditions were rated 33pc fair/excellent (27pc previous week, 85pc previous year). Rain received during the past week prevented a further deterioration of late planted crops, and the production outlook was maintained at 25Mt. Harvesting was yet to get fully underway but early reports indicated great variability in yields. The maize harvest was seen at 7pc complete (5pc previous week, 14pc previous year), with rainfall hampering progress, although the rain did improve crop conditions which are rated at 47pc fair/excellent (42pc previous week, 83pc previous year). Production of maize was forecast unchanged at 36Mt.

European Commission pegged 2023-24 EU common wheat production at 130.9Mt (126Mt previous year), durum production 7.5Mt (7.1Mt previous year), barley production 54.2Mt (51.5Mt), maize production 65Mt (52.1Mt) and rapeseed 19.8Mt (19.6Mt previous year). 

FranceAgriMer reported as at 27 Mar, the 2023-24 common wheat crop was rated 94pc good/excellent (unch from previous week, 92pc previous year), durum at 91pc (92pc, 87pc), winter barley at 93pc (unch, 88pc), and spring barley at 99pc (unch, 93pc). 

Jordan has issued a new tender, closing 4 April, for September October delivery, 120,000t optional origin milling wheat and 120,000t feed barley. 

Australia

Local markets continued to move sideways at the end of last week. Consistent sellers kept shorts happy whilst not flooding the market. Good rain through most of NSW last week saw the Newcastle/Port Kembla market relax a little. More rain this week heading into Easter will provide a good start for sowing. As everyone dusts off the tents & the waterproof jackets for Easter camping many are wondering where the El Ninõ hombre has gone.

The 8-day forecast has more rain pencilled in to arrive this week. South Australia, Victoria and southeast New South Wales are looking to pick up the highest totals. In central and northern NSW, Queensland and Western Australia the rainfall looks to be more coastal, with less than 10mm forecast inland.