Hard Red Winter, down 2pc, led most wheat markets a little lower. Soybeans and meal among the few offshore market gains.
- Chicago wheat May 2023 contract down US13.5 cents per bushel to 695.25c/bu;
- Kansas wheat May 2023 contract down 18.5c/bu at 797.75c/bu;
- Minneapolis wheat May 2023 down 10c/bu to 862.75c/bu;
- MATIF wheat May 2023 down €4/t to €271.25/t;
- Black Sea wheat March 2023 down US$0.50/t to $296.25;
- Corn May 2023 contract down 2.75c/bu to 637c/bu;
- Soybeans May 2023 contract up 10.25c/bu to 1529c/bu;
- Winnipeg canola May 2023 contract down C$0.70/t to $821.80/t;
- MATIF rapeseed May 2023 contract down €8.75/t to €529.75/t;
- ASX May 2023 wheat contract up A$5/t to $399/t;
- ASX January 2024 wheat contract up A$5/t to $410/t;
- ASX Mar 2023 barley contract down A$2/t to $324.50/t;
- AUD dollar eased 39 points to US$0.673.
International
The Russian Ministry of Agriculture at 3 March reported 2023-24 spring grain planting had got underway a few weeks earlier than one year ago, with sowing starting in the regions of Krasnodar and Stavropol. Winter crop conditions were rated 93pc good/satisfactory, better than the last five years.
Ukraine Agriculture Ministry reported 2023-24 spring grain sowing got underway nearly one month earlier compared to the two prior years, despite 2022-23 harvest remaining incomplete, largely maize, raising questions about field preparation. According to the state weather forecaster, about 400,000 ha (9pc) of 2023-24 winter crops, were seen in weak condition and would require re-seeding in spring. The remaining crop was seen to be in relatively good condition heading into spring.
Ukraine Agrarian Policy and Food Ministry reported that, at 3 Mar, cumulative 2022-23 grain exports were estimated at 32.5Mt, down 24pc compared to export progress last year, including wheat at 11.4Mt (-38pc), maize at 18.8Mt (-1pc) and barley at 2.1Mt (-63pc).
Palm oil production in 2023 is expected to be impacted by the current heavy rainfall and flooding in parts of Malaysia. Heavy rain over the past week has caused flooding in parts of Pahang and Johor states, both of which are major palm oil producers.
In Brazil the Agriculture Ministry reported 90 additional companies had been approved to export corn to China in 2023 which takes the total number of approved companies to 446.
Decent rain fell across southeast US over the weekend with light snow in the north. There is another active rainfall forecast for this week for the Midwest and northern Plains. The rainfall this week is likely to be lighter in the central-southwest Plains, and the longer-term outlook predicts above-normal rainfall.
Australia
Local markets kicked off the week steady. Wheat remained relatively unchanged to a buck or 2 stronger along the East Coast. The wheels are turning slowly at the moment in the market, without huge volume trading but the grower is still trickling out grain.
The ABARES Australian Crop Report today revised up total 2022-23 winter crop production to 67.3Mt, beating the previous record set last year by 4Mt. The total includes wheat at 39.2Mt (+7pc from the December estimate), barley at 14.1Mt (+6pc from December) and canola 8.3Mt (+13pc from December).
The Reserve Bank is meeting to today to decide whether or not to raise interest rates. According to market economists, it seems all but certain that they will lift the cash rate for the tenth consecutive time to a decade-high 3.6 per cent.
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