ASX eastern wheat eased another 2pc, global wheat eased around 1pc. Soybeans gained 1pc and canola eased 1pc. Brent crude eased another 3pc, the Dow eased 1pc and the US dollar index firmed slightly.
- Chicago wheat March 2023 contract down US10 cents per bushel to 729/bu;
- Kansas wheat March 2023 contract down 11.75c/bu at 830c/bu;
- Minneapolis wheat March 2023 contract down 6c/bu to 896c/bu;
- MATIF wheat March 2023 contract down €2.75/t to €301.25/t;
- Black Sea wheat March 2023 contract unchanged at US$317/t;
- Corn March 2023 contract down 3.25c/bu to 637.25c/bu;
- Soybeans March 2023 contract up 16.5c/bu to 1461.5c/bu;
- Winnipeg canola March 2023 contract was down C$10.30/t to $839.70/t;
- MATIF rapeseed February 2023 contract up €2/t to €569.75/t;
- ASX Jan 2023 wheat contract settlement down A$9/t to $381/t;
- ASX Jan 2023 barley contract down A$8/t to $310/t;
- AUD dollar weaker at US$0.669.
Bad weather is causing major disruption to Russia’s shallow water Azov Sea ports and has added to delays from Ukraine’s small water ports in the south of the country, according to Agricensus.
Shipments out of Ukraine continue to slow, with only one ship leaving yesterday with Russia accused of deliberately slowing inspections. The Joint Coordination Center reports that 67 ships are currently waiting for permission to enter Ukraine ports, while another 28 are loaded with grain or other agricultural products and are waiting for inspection to depart.
Ukraine’s grain traders’ union reports that November wheat exports are estimated at 1.6Mt down from 2.0Mt in October, maize at 2.0Mt (2.3Mt in Oct), and barley at 296,000t (383,000t in Oct). Rapeseed shipments seen at 412,000t (778,000t in Oct).
US private exporters reported the sale of 264 000t soybeans for delivery to China during the 2022/2023 marketing year and 240 000t soybeans for delivery to unknown destinations.
South Korean flour millers have reportedly purchased around 50,000t of US milling wheats for Feb-Mar shipment, including SW (8.5pc-11.0pc) in the low- to mid-$320 fob depending on protein content, HRW (11.5pc) in the low-$380s fob, and NS/DNS (14pc) in the mid-$390s fob.
Grower wheat and barley cash bids drifted lower again yesterday. Barley found further weakness in eastern Australia and continued to slide. Malting barley bids were off A$30-40/t by COB as more started to hit the bin and was being cashed.
This season most certainly does keep providing plenty of challenges and surprises. Parcels of milling wheat in Port Kembla zone are coming to the market. At the moment there is a bit of grain out there for all buyers which continues to fill the markets needs for now.
The run of clear skies looks to be coming to an end with showers forecast to build across all states, with 5-15mm expected for most. South-eastern Vic looks set to receive higher totals of between 15-50mm.