Australian wheat fell 5-8pc. International markets stabilised. No major movements other than rapeseed which gained 3pc.

• Chicago wheat September contract down US2.5 cents per bushel to 804.50c/bu;
• Kansas wheat September contract down 10.50c/bu to 851.50c/bu;
• Minneapolis wheat September contract down 3.75c/bu to 886.25c/bu;
• MATIF wheat September contract down €6.25/t to €325.50/t;
• Black Sea wheat September contract down $4.75/t to $356.50/t;
• Corn September contract up 7.50c/bu to 599.75c/bu;
• Soybeans November contract up 4c/bu to 1341c/bu;
• Winnipeg canola November 2022 contract down C$3.30 at $825.30/t;
• MATIF rapeseed November 2022 contract up €19.25/t to €683/t;
• ASX July 2022 wheat contract down A$31 to $387/t;
• ASX Jan 2023 wheat contract down $22/t to $403/t;
• AUD dollar weaker at US$0.677.

International

Pressure remains on global markets. Investors around the globe continue to monitor and watch closely as chatter around an economic downturn or a recession have become a hot topic. With AG commodity in a structured nature at the moment, it has the algos ready and willing to sell at every day session opening or every rally. This is what we saw last night in the wheat markets, with Chicago wheat up 25-31c/bu throughout the session.

It’s on, it’s off again, sounds like a high school relationship. Ukrainian exports were in the off stage after Ukrainian Foreign Minster Dmytro Kuleba was doubtful that any kind of deal would be achieved that would see Ukraine to export grain via the Black Sea Ports.

Talk of the town was that China was in the wheat market shopping around, with US wheat well priced at the moment. Corn market was with consumers sniffing around and rightly so too at these current values.

US stocks closed out higher as minutes from the Federal Reserve’s meeting last month underscored the policymakers resolve to battle rising inflation, but also pointed towards a potential breather in its rate hike campaign.