Markets eased fractionally.
- Chicago wheat May 2023 contract down US10.5 cents per bushel to 687.5c/bu;
- Kansas wheat May 2023 contract up 1c/bu at 800.25c/bu;
- Minneapolis wheat May 2023 down 14.25c/bu to 838.5c/bu;
- MATIF wheat May 2023 down €3.25/t to €266.75/t;
- Black Sea wheat March 2023 down US$1.25/t to $295/t;
- Corn May 2023 contract down 8.75c/bu to 625.5c/bu;
- Soybeans May 2023 contract up 2.25c/bu to 1517.75c/bu;
- Winnipeg canola May 2023 contract down C$4.80/t to $808.10/t;
- MATIF rapeseed May 2023 contract down €6.25/t to €513.25/t;
- ASX May 2023 wheat contract up A$2/t to $399/t;
- ASX January 2024 wheat contract up A$2.50/t to $407.50/t;
- ASX Mar 2023 barley contract up A$3/t to $325/t;
- AUD dollar gained 4 points to US$0.6589.
International
The UN expects a Russian delegation in Geneva next week for discussions about the next steps in talks to renew the Black Sea Grain Initiative, a spokesperson for the UN secretary general said at a press briefing.
The March WASDE cut Argentine corn and soybean production estimates, bringing them more into line with local estimates which, for some time, have been much lower than the USDA.
USDA increased 2022-23 world canola production again this month by 1.23Mt to a record 86.31Mt mainly reflecting a 1Mt increase for Australia and a 200,000t increase for Ukraine. This represents a 17pc increase in global production year on year.
Refinitiv Commodities Research left its 2023-24 Russian wheat production forecast unchanged, at 84.2Mt, reflecting recent and forecast favourable weather. With recent temperatures above-average across the country, the risk of winterkill was minimised and snow cover protected most crops. Current weather forecasts point towards rainfall across the country, with above-average precipitation expected across most areas, with the highest accumulated amounts anticipated in Central, Volga and south Siberian Districts. Above-average temperatures, paired with increased moisture, should benefit spring plantings.
According to Russia’s Ag. Ministry, at 7 Mar, cumulative 2022-23 (Jul/Jun) grain exports were estimated at 40Mt.
Black Sea market analyst SovEcon revised downward Russian 2022-23 wheat exports by 0.1Mt, to 44.1Mt (39.1Mt previous year), reflecting lower than expected Feb exports due to a prolonged period of stormy weather.
European Commission data show that for the week ending 5 March, current year EU 2022-23 rapeseed/canola imports reached 5.7Mt, up 60pc compared to the same time last year.
Jordan’s state grain buyer reportedly purchased 60,000 tonnes milling wheat from optional origins, at US$315.30/t c&f, Aug shipment.
Jordan tendered for 120,000t barley, for Aug-Sept shipment.
Australia
Wheat markets were generally firmer yesterday on the back of the AUD dip, but not to the extent some sellers had hoped. Some improved selling liquidity was seen but the dry forecast was still holding some grain back.
ABS data show Australia exported 715,098t canola in January, down 6pc from December, but marketing year to date exports, of 2.3Mt, were up 42pc compared to the same time last year.
* correction to wire yesterday Indonesia was our second biggest wheat market in January taking 524,027 tonnes, with South Korea third.
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