Markets

Daily Market Wire 7 March 2022

Lachstock Consulting, March 7, 2022

Friday’s markets saw ASX eastern wheat rally 4pc and Chicago May nearby settle limit up.

  • Chicago wheat May contract up US75cents per bushel to 1209c/bu;
  • Kansas wheat May contract up 64.25c/bu to 1214.50c/bu;
  • Minneapolis wheat May up 28.75c/bu to 1147c/bu;
  • MATIF wheat May contract up €5.50/t to €371.75/t;
  • Black Sea wheat July contract up $6.75/t to $331.75/t
  • Corn May contract up 6.5c/bu to 754.25c/bu;
  • Soybeans May contract down 7.25c/bu to 1660.5c/bu;
  • Soybean meal up 2pc;
  • Soybean oil down 3pc;
  • Winnipeg canola November 2022 contract up C$4.90/t to $895/t;
  • MATIF rapeseed August 2022 contract up €0.50/t to €704.75/t;
  • ASX July 2022 wheat contract up A$17.50/t to $422.50/t;
  • ASX Jan 2023 wheat contract up $19/t to $414/t;
  • AUD dollar firmer at US$0.735;
  • Brent crude oil futures up 7pc.

International

Iraq put its hand up for 400,000t after wheat’s limit-up move on Friday. Romania ports are loading boats and can theoretically sell wheat, but the shipping premium would be impressive

Australia

Local markets rounded the week out stronger. Wheat values rose over A$25-30/t over the week, and barley gained $30-35/t.  Canola markets along the east coast and in South Australia went from strength to strength, and SA values hit $1000/t.

The east coast continues to get smashed with heavy rainfall which is bringing more supply chain disruptions at some ports and up-country sites.

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