Canola, rapeseed markets eased another 3pc – 4pc overnight. Wheat market morning session sold down and afternoon session recovered, settling about 1pc lower.
- Chicago wheat December contract down US10.5 cents per bushel to 783.5c/bu;
- Kansas wheat December contract down 6.5c/bu to 843.75c/bu;
- Minneapolis wheat December contract up 2.25c/bu to 889c/bu;
- MATIF wheat December contract down €3.50/t to €323/t;
- Black Sea wheat December contract down $2.25/t to $345.25/t;
- Corn December contract up 2c/bu to 596.25c/bu;
- Soybeans November contract down 16.75c/bu to1369.75c/bu;
- Winnipeg canola November 2022 contract was down C$26.50/t to $821.90/t;
- MATIF rapeseed November 2022 contract down €23.75/t to €633/t;
- ASX Jan 2023 wheat contract down A$1/t to $414/t;
- AUD dollar firmer at US$0.694.
The vessel MV Razoni has passed inspection in Istanbul and is on its way to Lebanon. After the inspection JCC said in a statement “The JCC will use this voyage in its ongoing work on fine-tuning procedures and processes to enable the continuation of safe passage of commercial vessels across the Black Sea under the Initiative.” There has been no word yet on when the next ship will be cleared to depart.
According to Russia’s Ag Ministry, as at 2 Aug, harvest is about halfway complete, 2022/23 grains and pulses harvest has yielded 51 million tonnes (Mt), including 44Mt wheat and 5.2Mt barley.
The Manitoba Agri-Food and Rural Development division crop report from w/e 2 August said 2022/23 spring wheat crop condition rating was mostly good-to-excellent, with some exceptions due to extreme moisture. Canola crop conditions were variable, broadly estimated at 75pc good-to-excellent.
Liquidity in the local market continues to be lacklustre and buying demand is steady across the commodities. SA and WA wheat values firmed slightly. Eastern Australian values remained relatively unchanged yesterday. Canola bids gained $5/t however with offshore canola values down overnight you would expect to see local values peel back today.
Rainfall totals of 10-50mm were recorded this week across most of southern WA. Lower totals of 5-25mm fell across Vic and cropping regions of SA, and NSW. A widespread rain band is pushing across NSW today with 15-50mm forecast for most cropping regions. It will move up through northeast NSW tomorrow into southern Qld with the heavier totals expected in NSW. A relatively dry weekend is forecast for all states.