Markets fell in overnight trading.
- Chicago wheat May 2023 contract down US 9.5 cents per bushel to 682c/bu;
- Kansas wheat May 2023 contract down 11c/bu to 861.5c/bu;
- Minneapolis wheat May 2023 16c/bu to 873.5c/bu;
- MATIF wheat May 2023 down €1.25/t to €254/t;
- Black Sea wheat May 2023 down $0.75/t at $281.75/t;
- Corn May 2023 contract down 1c/bu to 652.75c/bu;
- Soybeans May 2023 contract down 6.5c/bu to 1511c/bu;
- Winnipeg canola May 2023 contract down C$13.60/t to $763.70/t;
- MATIF rapeseed May 2023 contract down €25.25/t to €453/t;
- ASX May 2023 wheat contract unchanged at A$391/t;
- ASX January 2024 wheat contract down $4/t to $394/t;
- ASX January 2024 barley contract unchanged at A$332.20/t;
- AUD dollar eased half per cent to US$0.6720.
Turkish Foreign Minister Mevlut Cavusoglu said Ankara is working with the United Nations to solve issues regarding grain and fertiliser exports via the Black Sea. He will discuss developments in the Ukraine war with his Russian counterpart Sergei Lavrov during his visit to Turkey this week. Cavusoglu also said he was concerned about preparations for further attacks.
Poland’s Ag Minister resigned yesterday, after the European Commission’s decision to extend duty-free imports for Ukrainian grain through 2023-24, against local farmers’ wishes.
USDA’s Foreign Agriculture Service Cairo post forecasts Egypt’s 2023-24 wheat imports to increase by 3 percent to 10.8 million tonnes, up from 10.5Mt in the previous year, due to population growth.
Rosario Grain Exchange expects Argentina to be surpassed by Brazil as the world’s largest soymeal exporter in 2022-23, reflecting Argentina’s heavily reduced crop due to drought and a significant fall in processing. Exports from Argentina could total just 20Mt compared to Brazil’s 21-23Mt.
European Commission data for the week ending April 2 shows all-wheat exports at 24.2Mt, up 6 percent on the previous year. Maize imports are at 20.8Mt, up 71pc, and barley exports are at 6.9Mt, down 21pc.
EC data shows soybean imports are at 9.1Mt, down 14pc on the previous year, while soymeal imports at 11.7Mt are down 4pc, and rapeseed is at 6.3Mt, up 59pc.
India’s Meteorological Department reports that as at April 4, cumulative rainfall since March 1 is estimated to be 41pc above the long-term average, with excessive or normal rainfall at 88pc of monitoring stations.
Jordan made no purchases in its tender for 120,000t of milling wheat yesterday, and will release a new tender shortly.
Another day another slow burn. Local markets continue to just tick along with enough liquidity coming to the market to keep everyone happy for now. Victorian and South Australian markets on wheat and barley continued to slip, while Western Australia remained largely unchanged. It’s a real mixed bag, but buyers are not jumping at it and coverage levels for the next month or so feel comfortable as we lead into a busy time for growers with seeding for the 2023-24 season under way.
The Easter weekend is looking wet for parts of southern WA with 5-25mm on the cards. SA and western Vic look set to receive less than 10mm, while eastern Vic is looking at 10-50mm. Most winter-cropping regions of NSW are in for 5-25mm and southeast Qld is looking at 10-50mm. These totals will be a nice top-up to the rainfall already received and the break so far is certainly better than many were expecting.
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