Daily Market Wire 3 March 2023

Lachstock Consulting, March 3, 2023

Corn and soybeans gained some of previous day losses.

  • Chicago wheat May 2023 contract up US2.75 cents per bushel to 712.75c/bu;
  • Kansas wheat May 2023 contract up 9.75c/bu at 826c/bu;
  • Minneapolis wheat May 2023 contract up 12.75c/bu to 876.25c/bu;
  • MATIF wheat May 2023 contract up €3/t to €275.50/t;
  • Black Sea wheat March 2023 contract up US$0.75/t to $297;
  • Corn May 2023 contract down 2c/bu to 633.75c/bu;
  • Soybeans May 2023 contract up 15c/bu to 1509.25c/bu;
  • Winnipeg canola May 2023 contract up C$6.70/t to $825.30/t;
  • MATIF rapeseed May 2023 contract up €2.50/t to €531/t;
  • ASX Mar 2023 wheat contract unchanged at A$387/t;
  • ASX May 2023 wheat contract down A$1/t to $394/t;
  • ASX Mar 2023 barley contract unchanged at A$326.50/t;
  • AUD dollar eased 31 points to US$0.673.


Russian Foreign Minister Sergei Lavrov yesterday accused the West of shamelessly burying the Black Sea grain initiative at a G20 foreign ministers’ meeting, saying the West was shamelessly burying the well-known humanitarian initiative of the United Nations Secretary-General.

US wheat sales of 284,100t were down 16pc from the previous week, but up 39pc from the prior 4-week average. Corn sales of 598,100t were down 27pc from the previous week and 48pc from the prior 4-week average. Soybean sales of 360,700t were a marketing-year low, down 14pc from the previous week and 25pc from the prior 4-week average.

The Buenos Aires Grain Exchange held its corn production forecast steady this week at 41Mt and soybean production steady at 33.5Mt, although warned it may need to cut again.

StoneX Brazil revised up its 2022-23 soybean production estimate from 154.2Mt to 154.7Mt and corn production up from 129.9 to 130.6Mt.

SovEcon have cut its 2023-24 wheat production estimate from 86.0Mt to 85.3Mt due to unfavourable winter weather.

India’s Farm Ministry reported the wheat crop in India’s Punjab, Haryana, Uttar Pradesh, Rajasthan and Madhya Pradesh states, which account for more than 85pc of the planted area, is in normal condition. Indian farmers have planted more than 50pc of area with heat tolerant varieties in the northwestern region and around 75pc of area in northern states of Punjab and Haryana was sown early which will protect the crop from any heat wave conditions in March. The Farm Ministry is monitoring the status of the wheat crop on a weekly basis. 

According to a Food Ministry statement, India plans to buy about 34.2Mt of grain from the 2023-24 crop for its food program, higher than the 18.79Mt procured in 2022-23.

The March Agricultural Market Information System (AMIS) report estimated world wheat stocks in 2022-23 at 305.7Mt, up slightly from February, reflecting increases in China and Russia. Corn stocks forecast cut to 280.2Mt from 283.5Mt as Brazil stocks seen lower due to strong export pace. Soybean stocks cut to 47.6Mt from 48.6Mt on reduced production prospects in Argentina. 


Local markets were lower yesterday on wheat and barley. Bids were pulling back and liquidity slowed through the southern markets as the day closed out while in the north, the market was also softer but grower liquidity picked up with parcels being offered, following the market down. Canola showed a couple of bucks strength over the day in eastern  

Australia. Another dry week has allowed sorghum harvest to progress in the north with a steady flow now coming off. The 8-day forecast is also looking relatively dry with less than 5mm expected in central and southeast Qld and northeast NSW. 


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