Canola rapeseed markets made strong gains. Wheat was mixed. The Australian dollar gained 1 1/2 per cent.

• Chicago wheat May 2023 contract up US1.25 cents per bushel to 693.5c/bu;
• Kansas wheat May 2023 contract down 2.5c/bu to 875.25c/bu;
• Minneapolis wheat May 2023 down 4c/bu to 891.75c/bu;
• MATIF wheat May 2023 down €4/t to €256.25/t;
• Black Sea wheat May 2023 down US$0.50/t to $282.50/t;
• Corn May 2023 contract down 2.75c/bu to 657.75c/bu;
• Soybeans May 2023 contract up 16.5c/bu to 1522c/bu;
• Winnipeg canola May 2023 contract up C$8.50/t to $776.40/t;
• MATIF rapeseed May 2023 contract up €14.25/t to €490/t;
• ASX May 2023 wheat contract unchanged at A$391/t;
• ASX January 2024 wheat contract unchanged at A$400/t;
• ASX January 2024 barley contract unchanged at A$332.20/t;
• AUD dollar gained 101 points to US$0.6786

International

US winter wheat conditions were just 28pc good to excellent vs 30pc last year, with the market expecting 31pc. Kansas, the biggest winter wheat producing state was rated at only 16pc good to excellent vs 32pc last year.
 

Parts of the Canadian Prairies experienced the second-driest start to a year in 45 years, said David Streit, senior meteorologist at Commodity Weather Group. Key spring wheat regions including Alberta, Saskatchewan and Manitoba have received less than 60pc of average precipitation since Sept. 1, according to Canada’s agriculture ministry.
 

Consultancy Safras & Mercado have said that Brazil’s 2022-23 total maize production will exceed the previous January outlook of 125.3Mt and has the potential to reach 130.3Mt (113.1Mt previous year). Expectations for secondary (safrinha) production have been revised up 4.5Mt to 92.2Mt (85.6Mt previous year), mainly on account of increased area planted Mato Grosso. 

Strategie Grains have pegged 2023-24 EU sunflowerseed production at 11.3Mt (9.2Mt previous year), with soybeans seen at 3.2Mt (2.5Mt previous year) and rapeseed production at 19.5Mt (19.4Mt). 

According to Ukraine’s Ag. Ministry March grain exports totalled 5.3Mt, compared to 1.4Mt in March last year. Cumulative 2022-23 grains exports are at 37.6Mt, compared to 44.9Mt exported over the same period of 2021-22, including wheat at 12.9Mt (18.4Mt), maize at 22.2Mt (20.4Mt) and barley at 2.3Mt (5.6Mt). 

The Prime Ministers of Bulgaria, Hungary, Poland, Romania and Slovakia have reportedly sent a joint letter to the President of the European Commission, stating that if market distortions arising from incoming shipments of grains, oilseeds and other agricultural products from Ukraine cannot be eliminated, then tariffs and tariff quotas should be introduced. Additionally, measures proposed in the joint letter included a solution between the EU and the World Food Programme (WFP) as a means of limiting imports, while calls were reiterated for more financial assistance to local farmers, as well as improvements to transportation logistics and changes to laws, aimed at regulating the volume of inflows. 

Australia

Local markets on Monday were unchanged. Pulse buying demand in Vic and SA remained strong. Some growers were busy with paddock prep, while some powered ahead with sowing for the upcoming 2023-24 winter cropping program. The break has certainly been a pleasant surprise for most with many going into a full moisture profile.