Europe’s MATIF markets moved little overnight. US and Canadian markets were closed.
- Chicago wheat December contract market closed;
- Kansas wheat December contract market closed;
- Minneapolis wheat December contract market closed;
- MATIF wheat December contract up €1.75/t to €321.75/t;
- Black Sea wheat December contract market closed;
- Corn December contract market closed;
- Soybeans November contract market closed;
- Winnipeg canola November 2022 contract market closed;
- MATIF rapeseed November 2022 contract down €0.25/t to €612.50/t;
- ASX Jan 2023 wheat contract unchanged at $395/t;
- ASX Jan 2023 barley contract unchanged at A$315/t;
- AUD dollar unchanged at US$0.679.
North American markets were shut last night for Labour Day public holidays.
Agricultural consulting agency Stratégie Grains increased its estimate of EU harvested area and yields for 2022/23 canola, lifting production by 0.7Mt, to 19.2Mt (17.0Mt previous year).
ABARES released its September Crop Report today, predicting a winter crop of 55.5 million tonnes (Mt), the fourth highest on record and well above the 10-year average. Wheat is forecast at 32.2Mt, eclipsed only by the 2021 crop of 36.3Mt, barley at 12.3Mt would be the fourth highest barley crop and canola, 6.6Mt, second highest behind ABARES 2021 crop estimate of 6.8Mt.
Monday saw a quiet start to the week and buyers were cautiously leaving bids yet again largely unchanged because Monday overnight offshore markets were to be closed for the holiday. Rain, forecast for much of Australia’s cropping belt, is due to arrive at a perfect time for a lot of growers and will bolster their 2022/23 outlooks. Buyers are happy to sit back and watch the crop grow for now in what is shaping up to be another season with no grain shortages.
Wait times improved at Geraldton this week but are still at 26 days (down from 36). Kwinana still out at 31 days but wait times improved in Newcastle and Port Kembla. There were 21 vessels anchored at Australian ports with 7 loading.