Offshore markets on Monday, in the absence of macro leads, drifted mostly lower by fractions.
- Chicago wheat December contract up US4 cents per bushel to 799.25c/bu;
- Kansas wheat December contract down 1c/bu to 855c/bu;
- Minneapolis wheat December contract down 5.75c/bu to 894.75c/bu;
- MATIF wheat December contract down €0.50/t to €325.75/t;
- Black Sea wheat December contract down $0.25/t to $344.75/t;
- Corn December contract down 2.75c/bu to 607.25c/bu;
- Soybeans November contract down 8.75c/bu to 1400c/bu;
- Winnipeg canola November 2022 contract was down C$3.20/t to $847/t;
- MATIF rapeseed November 2022 contract up €2.50/t to €655.75/t;
- ASX Jan 2023 wheat contract up A$2/t to $416/t;
- AUD dollar firmer at US$0.698.
It is being reported that JCC has authorised 12 ships to sail, 10 outbound and two inbound carrying 322,000t agricultural products. The bulk of it is corn but also sunflower oil and beanoil. The first ship to depart last week has now been rejected by the buyer, citing the length of time it took to deliver.
The weekly US crop conditions reports dropped the ratings for most crops. Spring wheat conditions were rated 64pc good-to-excellent compared with 70pc last week. Corn was 58pc compared with 61pc good to excellent last week. Soybeans lost 1pc down to 59pc, sorghum was rated 29pc good to excellent and barley was 55pc. Winter wheat harvest progress was reported 86pc complete, compared to the multi-year average 91pc.
UkrAgroConsult lowered its estimate of Ukraine’s wheat production estimate to 18.5 million tonnes (Mt), down from 20Mt, with harvest two thirds complete. Yields are lower than last year due to dry weather from May through to July.
New crop and current crop cereals markets saw limited activity on Monday and price changes were minimal. New crop canola bids were stronger by A$5-7/t
The 8-day rainfall forecast is for 5-25mm across southern Qld, 10-50mm across NSW with the heavier totals in the east, 10-50mm for Vic with heavier falls expected in southeastern parts of the state. SA is forecast to receive 5-25mm and WA cropping regions 10-25mm.