Daily Market Wire 9 January 2023

Lachstock Consulting, January 9, 2023

Markets reported here are the settlement prices on Friday 6 January 2023. The moves are the difference between settlements on Friday and Thursday January 5, 2023.

  • Chicago wheat March 2023 contract down US3.25 cents per bushel to 743.5/bu;
  • Kansas wheat March 2023 contract down 7.75c/bu at 832c/bu;
  • Minneapolis wheat March 2023 contract down 7.25c/bu to 901.25c/bu;
  • MATIF wheat March 2023 contract down €1.75/t to  €300/t;
  • Black Sea wheat March 2023 contract down US$0.50/t to $307.25/t;
  • Corn March 2023 contract up 1.25c/bu to 654c/bu;
  • Soybeans March 2023 contract up 21.75c/bu to 1492.5c/bu;
  • Winnipeg canola March 2023 contract was up C$3.60/t to $868.90/t;
  • MATIF rapeseed February 2023 contract down €5.25/t to €577.75/t;
  • ASX Jan 2023 wheat contract settlement down A$3.50/t to $381/t;
  • ASX Jan 2023 barley contract unchanged at A$334.50/t;
  • AUD dollar firmed 2pc to US$0.688.


China has reopened its borders after three years of COVID-19 restrictions. Travellers no longer have to quarantine or do a COVID test on arrival. This comes as farmers have reportedly been asked to avoid large gatherings and to celebrate Lunar New Year virtually to try and curb the impact of a severe wave of COVID-19 in rural areas. The agriculture ministry has said that disease prevention and control in rural areas has reached its “most difficult time” as the holiday season approaches. It recommended farmers get vaccinated, wear masks and send greetings by phone or WeChat rather than in-person . 

Russia’s Defence Ministry said missiles hit two temporary bases housing 1,300 Ukrainian troops in Kramatorsk, in the eastern Donetsk region. It said “more than 600 Ukrainian servicemen were killed” as a result of what they called a “retaliatory strike” on Ukrainian soldiers. Ukraine denied there were any casualties in the attack. This came after a 36-hour ceasefire from midday on Friday to mark Orthodox Christmas, which President Zelenskyy described as a ploy by Putin to buy time to reinforce troops that have taken heavy losses this week.

The US announced a major military assistance package on Friday for Ukraine that is valued at more than $3 billion. The package includes munitions, missiles, 50 Bradley fighting vehicles, 100 M113 armoured personnel carriers and18 self-propelled howitzers.

Farmers in India have planted 33.22Mha of wheat as of 6 Jan, up nearly 1pc from a year earlier, according to the Farm Ministry. The area under winter-sown pulses also increased 1pc to 15.77Mha, while the planting of oilseeds rose to about 10.55Mha, up from 9.77Mha. Sowing operations are continuing in some parts of the country.

Tunisia bought about 100,000t milling wheat from optional origins, at $351.86-$353.89/t c&f, Jan/Mar shipment and 75,000t feed barley from optional origins, at $318.05-$320.05/t c&f, Jan/Feb. 

Both Egypt and Turkey are reportedly in the market this week with tenders. 


Local markets continued to find demand at the end of last week in WA with ASW1 and BFED1 values unchanged. SA markets also remained largely unchanged, although we did see barley bids firm towards the back end with BAR1 and BAR2 up around $5-10/t. Eastern Australian wheat and barley values ticked along while we still saw good premiums in the market for prompt delivery back into export pathway. 

After a dry weekend, the next four days are also forecast to be clear which should help the southern harvest progress rapidly. Widespread showers are forecast to build by the end of this week with the heaviest totals (5-25mm) forecast for southeast Vic. Most other areas are forecast to receive less than 5mm.


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