Wheat and corn markets mostly eased another 3-4pc. Canola settled 1pc lower
- Chicago wheat May contract down US42.75cents per bushel to 1014.25c/bu;
- Kansas wheat May contract down 46c/bu to 1024.5c/bu;
- Minneapolis wheat May down 36.5c/bu to 1043c/bu;
- MATIF wheat May contract down €12.25/t to €357.50/t;
- Black Sea wheat July contract down $4.50/t to $344.50/t;
- Corn May contract down 22.25c/bu to 726.25c/bu;
- Soybeans May contract down 21.25c/bu to 1643c/bu;
- Soybean meal was down 3pc;
- Winnipeg canola November 2022 contract down C$8.10 /t to $960/t;
- MATIF rapeseed November 2022 contract down €10.50/t to €746.75/t;
- ASX July 2022 wheat contract up A$4/t to $401.50/t;
- ASX Jan 2023 wheat contract down $5/t to $393/t;
- AUD dollar up to US$0.750
International
Morocco’s crop outlook has improved with record rainfall this month.
Egypt is cutting back on grain purchases as two of its largest suppliers are locked in war. Currently the world’s biggest wheat buyer, increasing commodity costs in Egypt seem to be curbing demand.
The second largest exporter of wheat (India) could export a record amount of grain this year to fill the hole left by the Black Sea.
Ukrainian farmers have started sowing on around 20% of the planned spring crop country. Area limitations are due to fuel accessibility (army getting priority) and fertiliser supply although they do have access to seed.
Taiwan plans to extend its reduction of the commodity tax on gasoline and diesel along with tariff cuts on wheat, soybean, powdered milk, imported beef, butter and corn till the end of June to help ease inflation pressure and stabilise prices.
Cases of avian flu have been confirmed in US turkey flocks.
Australia
Wheat traded slightly firmer where buyers had demand, but elsewhere values were unchanged and volume was light.
Barley continued its strength with Port Kembla track trading around $330-335 for small parcels.
Canola bids were a touch stronger reflecting offshore moves.
Port terminal wait times are now starting to blow out with Adelaide’s waiting time has gone from 0 days last month to 12 this week, same situation for Brisbane, Geelong is out from 4 to 14, Kwinana 10 to 17, Newcastle 0 to 17, Port Kembla 3 to 17 days and Port Lincoln continues to have a steady long wait time 22 days last month and still the same this month.
The federal budget allocated $600 million to the agricultural sector with the focus on export, biosecurity, carbon/biodiversity projects and further funding to local regional agricultural shows and trade events.
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