Daily Market Wire 3 August 2022

Lachstock Consulting August 3, 2022

US wheat and corn markets fell 3pc. Winnipeg canola, after a Monday public holiday, matched Matif’s Monday 5pc drop.

  • Chicago wheat December contract down US25 cents per bushel to 794c/bu;
  • Kansas wheat December contract down 23.75c/bu to 850.25c/bu;
  • Minneapolis wheat December contract down 23.5c/bu to 886.75c/bu;
  • MATIF wheat December contract up €1/t to €326.50/t;
  • Black Sea wheat December contract down $2/t to $347.50/t;
  • Corn December contract down 15.5c/bu to 594.25c/bu;
  • Soybeans November contract down 19.5c/bu to1386.5c/bu;
  • Winnipeg canola November 2022 contract was down C$44.40/t to $848.40/t;
  • MATIF rapeseed November 2022 contract up €5.50/t to €656.75/t;
  • ASX Jan 2023 wheat contract down A$7.50/t to $415/t;
  • AUD dollar weaker at US$0.692.


Turkey expects roughly one grain ship to leave Ukrainian ports each day as long as an agreement that ensures safe passage holds, a senior Turkish official said on Tuesday. “The plan is for a ship to leave… every day,” the senior Turkish official told Reuters. “If nothing goes wrong, exports will be made via one ship a day for a while.”

Algeria purchased 660,000t of optional-origin milling wheat in an import tender on Tuesday, European traders said. OAIC was thought to have paid about US$384/t cost and freight.

Canada has added C$52 million (US40m) to a United Nations Food and Agriculture Organisation program to further address grain storage shortages in Ukraine. The initiative will allow storage of an additional 2.4 million tonnes (Mt) grain between 2022-2023 along with related technical support and equipment and complements $17m recently provided by Japan to cover 1Mt grain storage.

It will include polyethylene grain sleeves, loading and unloading machinery and storage units. FAO plans to target small and medium-sized farms in 15 regions and aims to support Ukraine’s agriculture ministry to cover a quarter of the total storage deficit in 2022-23.


Local new crop markets continued to soften. Wheat bids were off $3-5/t, barley a touch softer and canola dropped all the gains it made late last week. Grower bids in both eastern and Western Australia were off $55/t.

The Bureau of Meteorology (BOM) has officially declared a negative Indian Ocean Dipole, increasing the chances of above-average rainfall over much of Australia during the rest of winter and spring. Persistently warm seas to the north-west of Western Australia have swung the IOD into a “negative” phase for the second year in a row. BOM head of long-range forecasting Andrew Watkins said there was also the chance La Niña could re-form for a third time during spring. “Certainly, we are in an unusual time to have so many climate drivers pushing Australia’s climate toward wetter conditions for the past two to three years,” he said.

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