Markets

Daily Market Wire 6 June 2022

Lachstock Consulting, June 6, 2022

US winter wheats, soybeans and soymeal were about 2pc lower on Friday amid a generally “down” day.

  • Chicago wheat July contract down US18.25 cents per bushel to 1040c/bu;
  • Kansas wheat July contract down 22.5c/bu to 1121c/bu;
  • Minneapolis wheat July down 7.75c/bu to 1191.75c/bu;
  • MATIF wheat September contract down €4.25/t to €378.25/t;
  • Black Sea wheat July contract down $6/t to $399/t;
  • Corn July contract down 3.25c/bu to 727c/bu;
  • Soybeans July contract down 31.5c/bu to 1697.75c/bu;
  • Winnipeg canola November 2022 contract down C$2.10/t at $1039.30/t;
  • MATIF rapeseed November 2022 contract down €20.50/t to €770.75/t;
  • ASX July 2022 wheat contract down A1.50/t to $443.50/t;
  • ASX Jan 2023 wheat contract down $7/t to $453/t;
  • AUD dollar firmer to US$0.720.

International

International wheat prices eased further on Friday, in part due to statements by President Vladimir Putin on Russian television outlining ways Ukrainian wheat could get exported. There is no question that the world needs the wheat. Poland and Romania have bought wheat, but the real question is who will get the money for Ukrainian wheat supplied against those sales.

Turkey and Russia are set for a corridor meeting this week amid accusations Turkey has accepted stolen Ukrainian wheat.
Food security remains an issue as India confirms its wheat exports ban is necessary. India is reportedly working on a deal with Egypt.
Dryness in France has become a production issue.
US corn crop establishment was sub-normal, the belt experiencing cooler than normal temperatures and, in some cases, twice the normal weekly rainfall.

The June WASDE report will be released late this week, Friday 10 June at midday US eastern time.

Australia

Local markets ended last week softer and liquidity was moderate. Offers slowed as the market eased.
Current crop wheat was softer by A$5-10/t while new crop was relatively unchanged.

Barley prices were mixed and liquidity was limited.

Canola markets continued to trend lower.

South Australia and Victorian growers saw more good rainfall over the weekend, receiving another widespread 10-30mm.

The forecasts now for the next 8-10 days remain relatively dry for southern Qld, northern and central NSW which will allow growers to get back on to paddocks to continue their late planting campaign.

The WA wheatbelt is forecast to receive 10-25mm.

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