Daily Market Wire 8 September 2022

Lachstock Consulting, September 8, 2022

Chicago and MATIF wheats gained 3pc and hard winter wheats gained 2pc. Cheaper canola led soybean a little lower. Brent crude eased another 5pc.

  • Chicago wheat December contract up US27.25 cents per bushel to 844.25c/bu;
  • Kansas wheat December contract up 19.5c/bu to 901.5c/bu;
  • Minneapolis wheat December contract up 10.25c/bu to 900c/bu;
  • MATIF wheat December contract up €10/t to €328.75/t;
  • Black Sea wheat December contract up $3.25/t to $317.25/t;
  • Corn December contract down 5c/bu to 671/bu;
  • Soybeans November contract down 15.25c/bu to 1383.5c/bu;
  • Winnipeg canola November 2022 contract was down C$12.10/t to $786.50/t;
  • MATIF rapeseed November 2022 contract up €3.75/t to €609.25/t;
  • ASX Jan 2023 wheat contract up A$1/t to $400/t;
  • ASX Jan 2023 barley contract down $5/t to $310/t;
  • AUD dollar firmer at US$0.677.


President Vladimir Putin has said he would discuss amending the export corridor deal to limit the countries that can receive shipments from Ukraine. “If we exclude Turkey as an intermediary country, then almost all the grain exported from Ukraine is sent not to the poorest developing countries, but to European Union countries,” newswire Reuters reported him as saying. “Once again, developing countries have simply been deceived and continue to be deceived. “It is obvious that with this approach, the scale of food problems in the world will only increase … which can lead to an unprecedented humanitarian catastrophe.”

Ukraine’s Foreign Minister Dmytro Kuleba in a statement denied the claims. “In total, two-thirds of the ships sent are directed to Asia, Africa, and the Middle East,” the statement said.

Turkish President Recep Tayyip Erdogan has accused Western nations of provoking Russia, as he hailed Ankara’s policy of “balance” regarding Russia’s war in Ukraine. President Erdogan is expected to meet President Putin at a regional summit in Uzbekistan next week. Chinese President Xi Jinping will also reportedly attend.

The European Union has proposed a price cap on Russian gas and Putin warned that such a move would cause Moscow to cut off all energy supplies.

China imported 7.17 million tonnes (Mt) soybeans in August, down 9pc from July and 25pc less than last year and the smallest August import since 2014. Imports since the start of this year are down 8.6pc compared to last year

In Argentina, an agreement between exporters, the Central Bank and the Economy Ministry, will mean that farmers will be offered a preferential exchange rate of ARS200 per USD in an effort to boost sales. The agreement will be in place until the end of September.

Canada’s Manitoba Agriculture, Food and Rural Development report for the week ending 6 Sep said fine conditions allowed for good harvest progress, although well behind normal following earlier delays to seeding, high humidity and frequent rains. Winter wheat harvest was 98pc complete (69pc last week, 100pc year ago), spring wheat 31pc (2pc, 82pc), barley at 24pc (less than 1pc, 90pc), and canola at 1pc (less than 1pc, 32pc). Crop conditions were seen as good to very good in most parts of the province, while forecasts for warm, sunny weather should be favourable for harvesting over the coming week.


Local markets remained steady yesterday across the boards. Current crop AH2 wheat n Victoria traded late in the by on Clear Grain Exchange.

A widespread 25-50mm is forecast in the coming days across southern Qld, NSW, Vic and south eastern SA and 10-25mm is forecast for the Eyre Peninsula and southern WA. While this will be welcomed by some it is going to create more problems for already saturated areas.

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