Daily Market Wire 30 November 2022

Lachstock Consulting, November 30, 2022

Commodities markets overnight, and the macros, saw mixed small moves, though Winnipeg canola the outlier gained 2pc.

  • Chicago wheat March 2023 contract up US0.75 cents per bushel to 781.5/bu;
  • Kansas wheat March 2023 contract down 8c/bu at 887c/bu;
  • Minneapolis wheat March 2023 contract down 5.25c/bu to 934.5c/bu;
  • MATIF wheat March 2023 contract down €2.50/t to  €312.75/t;
  • Black Sea wheat March 2023 contract down US$0.50/t to $320/t;
  • Corn March 2023 contract down 1.75c/bu to 669.5c/bu;
  • Soybeans March 2023 contract up 3.25c/bu to 1466c/bu;
  • Winnipeg canola March 2023 contract was up C$17.30/t to $834.70/t;
  • MATIF rapeseed February 2023 contract up €1.75/t to €586/t;
  • ASX Jan 2023 wheat contract settlement price was down A$4/t to $403/t;
  • ASX Jan 2023 barley contract unchanged at A$325/t;
  • AUD dollar firmer at US$0.669.


Mexican President Obrador’s meeting with the US Ag Secretary resulted in the US threatening legal action over the planned 2024 GMO corn ban, saying the move would harm US markets and trade relations. 

Jordan made no purchase in their international tender for 120,000t milling wheat, despite receiving offers from five participating companies.
Algeria is seeking offers tomorrow for a nominal 50,000t optional-origin milling wheat, January shipment. 

Turkey has bought 395,000t wheat so far in its tender for up to 455,000t for Dec-Jan-Feb shipment. 

The International Grains Council reports that South Korea’s Nonghyup Feed Inc. (NOFI) purchased around 138,000t feed corn from optional origins (excl. Ukraine, Russia and Paraguay), for Mar arrival. The first consignment was partly secured at US$332.39/t c&f and partly at a basis premium of $1.827/bu + CME Mar c&f. The second consignment was around $1.790/bu + CME Mar c&f plus a $1.75/t port unloading surcharge. 

Egypt’s Ministry of Supply and Internal Trade reports that in the first wheat trading session at Egypt’s mercantile exchange, GASC offered 12,000t Russian origin wheat from reserves, sold in 18 transactions to private mills, at Egyptian pounds EGP9,750/t (US$397/t). The Deputy Supply Minister said GASC can also procure local wheat from farmers via the exchange. Around two hundred companies, including 36 mills, have so far registered with the Cairo-based exchange. 


As harvest ramps up across the country yesterday’s cash grower wheat bids were off $8-10/t, while barley held some ground and canola was relatively unchanged. ASX eastern wheat Jan contract, trading small volumes, eased another 1pc to settle at A$403/t. 

Wheat and barley harvest results are a mixed bag off the header. Some AH9 wheat is reported in central NSW, and test weight is pushing barley in Victoria into BAR2 and BAR3 grades, though yields are still impressive.
Viterra reported its receivals this week totalled 639,914t, bringing the cumulative total to 1.2Mt, the pace accelerating amid better weather conditions. 

According to our line ups data, there are two vessels due to load around 120,000t canola and one vessel 60,000t barley destined for China. These vessels will be closely tracked and further updates will be given when we have more certainty about their destination.


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