Markets closed higher in overnight trading.
- Chicago wheat March contract up US4.25 cents per bushel to 787.75c/bu;
- Kansas wheat March contract up 2.75c/bu to 824.5c/bu;
- Minneapolis wheat March up 9.5c/bu to 1009c/bu;
- MATIF wheat March contract up €1.75/t to €282.25;
- Corn March contract up 0.75c/bu to 605.5c/bu;
- Soybeans March contract up 0.75c/bu to 1368.75c/bu
- Winnipeg canola January 2022 contract up C$48.90/t to $1087.40/t;
- MATIF rapeseed February 2022 contract steady at €769.25/t;
- ASX Jan 2022 wheat contract down A$7.50/t to $361/t.
International
Egypt’s GASC bought 300,000t of wheat from the Ukraine, Romania and France at a little over US$360/t cost and freight, with the lowest Russian offer still a few dollars from working. Jordan bought 60,000t of wheat and promptly retendered for another 120,000t. French exporters seem intent on clearing all the bins.
Conditions in Argentina, Uruguay and Chile have been terrible; wildfires are currently ripping through parts of Chile, while Uruguay has called an agricultural state of emergency. Central and northern Brazil still look great, maybe even a little too wet, but southern Brazil and Argentina will start to see production cuts, particularly in soybeans.
United Grain Co in Russia has set up a new JV with Egypt’s Astral Ltd to supply Russian grain into the Egyptian market. The new partnership will be called Agro Nile.
Australia
Local markets were quiet yesterday, with cash bids relatively unchanged. Trade markets were absent, and we saw small parcels of grower selling on wheat and barley. Trading in the ASX east coast wheat contracts for January and March was active over the course of the day.
CBH network hits 20mmt of all grains received for the 21/22 season thus far, with harvest still going in the West
Temperatures are set to rise through South Australia and Victoria for the next two to three days, and we could see some harvest bans across the states because of fire risk.
Source: Lachstock Consulting
Grain Central: Get our free daily cropping news straight to your inbox – Click here
HAVE YOUR SAY