US wheat markets, ASX eastern wheat, eased another 2-3pc, and Winnipeg canola gained another 1pc. Brent crude eased another 3pc, Dow eased and the US dollar index changed little.
- Chicago wheat March 2023 contract down US22 cents per bushel to 739/bu;
- Kansas wheat March 2023 contract down 29c/bu at 841.75c/bu;
- Minneapolis wheat March 2023 contract down 19.25c/bu to 902c/bu;
- MATIF wheat March 2023 contract down €3.75/t to €304/t;
- Black Sea wheat March 2023 contract down US$0.75/t to $317/t;
- Corn March 2023 contract down 5.75c/bu to 640.5c/bu;
- Soybeans March 2023 contract down 1.5c/bu to 1445c/bu;
- Winnipeg canola March 2023 contract was up C$8.30/t to $850/t;
- MATIF rapeseed February 2023 contract up €1/t to €567.75/t;
- ASX Jan 2023 wheat contract settlement down A$9.50/t to $390/t;
- ASX Jan 2023 barley contract unchanged at A$318/t;
- AUD dollar weaker at US$0.670.
The sowing of Brazil’s 2022-23 soybean crop reached 91pc of the estimated area, slightly below last year’s level of 94pc. In the centre west, patchy rain and high temperatures are concerning farmers, especially those who sowed the crop earlier. December rains will be key to determine yields.
The Ukraine Grain Traders Union reported November wheat exports at 1.58Mt, down from 1.98Mt in Oct, with all grains at 2.3Mt, down from 3.5Mt last month. Cumulative exports since July 1 remains down almost 30pc year-over-year at 18.3Mt.
Pakistan is has reportedly purchased another 500,000t wheat in an international tender for the same volume which closed last week, bringing total purchases to 950,000t at US$372/t C&F.
Monday’s cash bids again were a touch softer. ASX eastern wheat Jan 23 contract continued to trade lower, settling at A$390/t. Yields continue to come in on the higher end of expectations in the eastern states and in parts of South Australia.
ABARES released its quarterly Australian Crop Report today, pegging wheat production at a new record of 36.6Mt, up 14pc from its previous estimate and just exceeding last year’s record of 36.3Mt. The barley forecast was revised up to 13.4Mt, 10pc up on the previous forecast and the 4th largest crop on record. The canola estimate, at 7.3Mt, is up from the 6.6Mt forecast in September, and breaks last year’s record of 6.8Mt.