Oil gained 3pc and French rapeseed gained 2pc. Wheat markets closed mixed.
- Chicago wheat December contract down US9 cents per bushel to 903c/bu;
- Kansas wheat December contract unchanged at 988.75c/bu;
- Minneapolis wheat December contract down 3.75c/bu to 976.25c/bu;
- MATIF wheat December contract down €1.25/t to €349.75/t;
- Black Sea wheat December contract up $1.75/t to $331.75/t;
- Corn December contract up 2.25c/bu to 683/bu;
- Soybeans November contract up 9.5c/bu to 1383.5c/bu;
- Winnipeg canola Nov 2022 contract down C$0.10 to $863.70/t;
- MATIF rapeseed November 2022 contract up €13/t to €646.25/t;
- ASX Jan 2023 wheat contract up A$9/t to $451/t;
- ASX Jan 2023 barley contract up A$4/t to $326.50/t;
- AUD dollar weaker at US$0.650.
According to Russia’s Agriculture Minister Dmitry Patrushev, Russian grain production could increase by 5 million tonnes a year following the annexation of four regions in Ukraine.
Ukraine’s Agriculture Ministry reports that farmers had planted 1.2 million ha of winter grains as of 3 October which is 26pc of the projected area. This includes 1.1 million ha of wheat (27pc of the planned area) and 96,000 ha of barley (14pc of the projected area). Winter rapeseed planting is reportedly complete at 989,000 ha Ukraine’s Foreign Minister Dmytro Kuleba has promised that his country will do all it can to send more grain to Africa as he began his African tour this week in Senegal.
Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) is seeking to buy a total of 97,343 tonnes of food-quality wheat from the United States and Canada in regular tenders that will close on Thursday.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, is considering an output cut of more than one million bpd ahead when they meet today in Vienna. That figure does not include additional voluntary cuts by individual members, one OPEC source added.
Fixed grade wheat bids firmed slightly yesterday, buyers happy to pay overs for known grades. Bids to growers otherwise were relatively unchanged.
The market is concerned now about risks for current execution programs given weather forecasts and difficulty getting access to sites.
Most of southern Qld, NSW and Vic are set to receive between 25-100mm. NSW looks set to receive the higher end of this range over most of the state with isolated pockets forecast to receive up to 150mm which is the last thing needed now for many growers in saturated areas.