Wednesday’s wheat and corn strengthened, oilseeds markets were mixed.
- Chicago wheat May contract up US0.75c/bu to 616.25c;
- Kansas wheat May contract up 7.75c/bu to 563.25c;
- Minneapolis wheat May contract up 13.5c/bu to 624.5c;
- MATIF wheat May contract up €1.50/t to €207.25/t ;
- Corn May contract up 6.25c/bu to 560.5c;
- Soybeans May contract down 10c/bu to 1408.75c;
- Winnipeg canola May contract up C$15.30/t to $800.40;
- MATIF rapeseed May contract down €7/t to €496.75/t;
- US dollar index up 0.1 to 92.4;
- AUD weaker at US$0.761;
- CAD weaker at $1.261;
- EUR unchanged at $1.187;
- ASX wheat May contract down $4/t to $276/t;
- ASX wheat January 2022 down $.701/t to $289.30/t.
Nuclear talks again are underway with Iran as politicians hope to reduce the risk of nuclear weapons development. Crude oil markets are expecting that any improvements in relations could open up more oil exports, but that since a “breakthrough” politically seems unlikely the impact may prove small.
Quiet agricultural markets were counting the trading days until Friday’s USDA report. There’s plenty of speculation about actual planting intentions and changes still to go around, but in the meantime the market will trade the USDA old crop figures when they come out on Friday.
Weekly EIA ethanol data was up again to 975,000 bpd although stocks continued to draw down to 20.6 million.
The USDA’s Brazilian local office pegged corn production at 105 million tonnes (Mt), safra and Safrinha, – still some 4Mt below the last WASDE figure and raising expectations for a cut in the coming April WASDE.
Southern Brazil extended forecast weather maps there are slightly wetter, but overall remain well on the dry side of what would be desired for the late safrinha crop.
South Korea announced yesterday a brief tariff cut on imported corn (3pc) in an attempt to keep food prices under control.
More surveys are doing the rounds prior to the WASDE report, but continuing to confirm general expectations for corn under 1.4 bbu, beans down nominally, and wheat slightly looser (+10-20 mbu).
Local markets fairly quiet and steady yesterday with location and timing remaining key for any brief premiums in the market
More and more fieldwork gradually starting up across the country.
BOM maps taking a slightly drier turn on the last runs for the storm moving towards WA, but still calling for 20+ mm across the majority of the wheatbelt there.
Source: Lachstock Consulting