Daily Market Wire 7 February 2023

Lachstock Consulting, February 7, 2023

Friday’s US  dollar surge caused Euro-denominated and Australian-denominated prices to gain yesterday. Brent crude overnight gained 1 1/2pc from its Friday fall.

  • Chicago wheat July 2023 contract down US5 cents per bushel to 766.75c/bu;
  • Kansas wheat July 2023 contract up 0.5c/bu at 858.25c/bu;
  • Minneapolis wheat May 2023 contract down 4c/bu to 910.75c/bu;
  • MATIF wheat May 2023 contract up €3.25/t to €286/t;
  • Black Sea wheat March 2023 contract up US$0.75/t to $305/t;
  • Corn May 2023 contract up 2.25c/bu to 677.75c/bu;
  • Soybeans May 2023 contract down 11c/bu to 1514.5c/bu;
  • Winnipeg canola May 2023 contract up C$1.90/t to $830.80/t;
  • MATIF rapeseed May 2023 contract up €4.50/t to €549.75/t;
  • ASX Mar 2023 wheat contract up A$1/t to $382/t;
  • ASX Mar 2023 barley contract up A$15/t to $330/t;
  • AUD dollar eased further 1/2pc to US$0.688.


The Ukraine Ag Ministry reported cumulative 2022-23 exports of 27.7Mt as of 6 Feb, compared with 39.2Mt a year earlier The total included 9.9Mt wheat, down 42pc compared to previous year,1.8Mt barley, down 67pc and 15.9Mt corn, down 1.5pc. 

Agribusiness consultancy in Brazil, AgRural, estimated 2022-23 soybean harvest at 9pc complete this week, up from 5pc last week but below 16pc last season. 

Hot and dry weather has returned to Argentina and will continue this week before showers move through again this weekend with a cold front. Crops have had a boost in conditions the last couple of weeks, but the heat and dryness this week will likely have a negative impact.
Korea Feed Association (KFA) purchased 126,000 tonnes of feed corn, including 60,000 tonnes from South America, at US$337.17/t c&f, and 66,000 tonnes from optional origins, at $336.60/t c&f, for Feb/Mar shipment.

Algeria’s state grains agency (OAIC) has issued two international tenders for optional-origin wheat, both for 50,000 tonnes. One is seeking wheat for April shipment from either South America or Australia, with the other seeking generally smaller amounts for March-April shipment. 

Taiwan Flour Millers’ Association seeks 48,100 tonnes of US milling wheat.


Local markets continued to lift across the board yesterday. Wheat, barley and canola all were firmer to kick off the week. The ASX eastern Australia wheat March 2023 contract was up a buck, reaching A$382/t at settlement. Clear Grain Exchange also had another busy day with 93,000t trading. The ex-farm market for wheat lifted slightly, parcels in southern NSW gaining traction.

Australian Minister for Trade and Tourism, Don Farrell, met virtually yesterday with the Chinese Minister of Commerce, Wang Wentao. There was no immediate movement on Chinese tariffs on Australia products, however Minister Farrell accepted an invitation to visit Beijing in the near future and said both parties agreed to enhance dialogue at all levels, as a pathway towards the timely and full resumption of trade. Minister Farrell in a statement said the discussion covered a range of trade and investment issues, including the need for resumption of unimpeded trade for Australian exporters so that Chinese consumers could continue to benefit from high quality Australian products. 


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