Oilseeds markets gained around 2pc.
- Chicago wheat March 2023 contract up US2.5 cents per bushel to 752.5c/bu;
- Kansas wheat March 2023 contract up 4.5c/bu at 873.75c/bu;
- Minneapolis wheat March 2023 contract unchanged at 921.5c/bu;
- MATIF wheat March 2023 contract up €1.50/t to €287.50/t;
- Black Sea wheat March 2023 contract unchanged at US$305/t;
- Corn March 2023 contract up 0.75c/bu to 683.75c/bu;
- Soybeans March 2023 contract up 25.75c/bu to 1535.25c/bu;
- Winnipeg canola March 2023 contract up C$20.20/t to $827.90/t;
- MATIF rapeseed February 2023 contract up €8.50/t to €552.75/t;
- ASX Mar 2023 wheat contract unchanged at A$$373.50/t;
- ASX Mar 2023 barley contract unchanged at A$307.50/t;
- AUD dollar was weakened to US$0.706.
According to World Weather Inc., snow fell ahead of the bitterly cold temps that have moved into the central US, which provided insulation for the US winter wheat crop. Although winterkill or wheat damage cannot be ruled out, the impact is not likely to be very great.
According to the Indian Ag. Ministry, larger than average plantings and many farmers using high-yielding varieties in Punjab, Haryana and Madhya Pradesh, are expected to result in a bumper wheat crop in 2023-24. Assuming favourable conditions over the next two months, especially during the harvest period, production could reach a record 112.0Mt (106.8Mt previous year).
Rain in western and southern areas of Argentina this week will be important as the following 10 days will be drier, especially in the central and south, according to World Weather Inc. “Rain this week in western and southern Argentina will be sufficient in maintaining a mostly better environment for summer crop development and improvement; however, after Thursday and lasting through mid-week next week there will be a steady rate of drying across the nation raising moisture stress for some areas over time. This drier bias fits well with the 2008-09 crop year in which similar extremes in weather were noted. If the trend is correct portions of Argentina will be drying down again during February, but conditions may not get back to the same level of stress as that reported earlier in January. Nevertheless, a boost in rainfall will be needed by mid-February.”
Brazil’s soybean harvest advanced, by 3pc, to 5pc complete as of last Thursday, according to AgRural. Given the soybean harvest delays at half the pace of the previous year, safrinha corn planting was reported 5pc complete, compared to 14pc complete at the same time last year.
Algeria’s state grains agency is seeking 50,000t durum wheat in a tender that closes on Tuesday for Feb-Mar shipment.
Monday’s local grower bids at certain eastern Australian sites started the week a touch firmer. SA wheat grower bids were down on the lower grades over the course of the day. Canola bids nationally firmed a little.
In its last harvest update for the season, Graincorp reported it received 39,020t last week, taking the total to 10.977Mt. Queensland completed harvest and NSW was mostly done, with some southern growers still delivering across the Wyalong, Temora and Cunningar regions. Victorian growers were still delivering grain into sites across the Wimmera, Geelong and Western Districts, which were expected to remain active into February. It also reported 280,000t grain outloaded last week.