Mixed, small moves were evident across world wheat markets. Brent crude eased again and the Dow gained a little.

• Chicago wheat March 2023 contract up US3.25 cents per bushel to 746.25/bu;
• Kansas wheat March 2023 contract down 6c/bu at 844.75c/bu;
• Minneapolis wheat March 2023 contract up 7.5c/bu to 909.5c/bu;
• MATIF wheat March 2023 contract up €0.25/t to  €307.25/t;
• Black Sea wheat March 2023 contract up US$0.25/t to $317.75/t;
• Corn March 2023 contract up 1.25c/bu to 642.5c/bu;
• Soybeans March 2023 contract up 13c/bu to 1490.25c/bu;
• Winnipeg canola March 2023 contract was up C$8.70/t to $861.10/t;
• MATIF rapeseed February 2023 contract down €1.75/t to €571.25/t;
• ASX Jan 2023 wheat contract settlement up A$6/t to $386/t;
• ASX Jan 2023 barley contract unchanged at A$310/t;
• AUD dollar firmer at US$0.677.

Brazil is forecast to produce a record soybean crop of 153.5 million tonnes (Mt) in 2022-23, according to Conab, virtually unchanged from last month. It cut its corn-crop estimate by 570,000 tonnes from last month to 125.8Mt, which would still be a record. Conab raised the 2022-23 Brazilian soybean export forecast to 96.6Mt, up 140,000t from last month, and kept the corn-export forecast steady at 45Mt.

Brazil’s corn exports to China are set to boom this month, with nine vessels carrying a total of 606,540t reportedly showing on shipping line-ups. Two shipments totaling 93,250t set sail in November.

Mexico has offered to extend a deadline to ban genetically modified (GMO) corn until 2025 and is working on a proposal to overhaul its plan, its Economy Minister Raquel Buenrostro said on Wednesday.

US private exporters reported the sale of 118,000t of soybeans for delivery to China during the 2022-23 marketing year and 718,000t of soybeans for delivery to unknown destinations.

Argentina’s soybean sales surged last week to 74.2pc of the current harvest, helped by a preferential exchange rate. Producers sold 556,000t in the week to November 30, the highest weekly figure in months, the agricultural secretariat said. Sales still lag the 76.9pc of last season’s crop sold at the same time last year.

Argentine 2022-23 wheat harvest advanced to 42pc complete from 23pc last week.

In a regular tender Japan’s MAFF purchased 154,957t of milling wheat from the US, Canada and Australia, including 31,425t US HRW, 27,290t US DNS of 14pc protein, 4187 t US WW, 64,628t CWRS of 13.5pc protein from Canada and 27,435t of ASW from Australia.

Importers in Thailand have reportedly purchased 65,000t feed wheat from optional origins, at US$339.90 c&f for Feb-Mar shipment.

Australia

Local markets found some ground on the cash boards with wheat and barley markets relatively unchanged for the day. Delivered markets were a dollar or two stronger through the Geelong/Melbourne zone.

ASX wheat was also firmer throughout the trading day. Growers continue to let go of grain as it comes off the header and cash bids get hit, and around 20,000t traded on Clear Grain Exchange yesterday.