Wheat values ââedged up after seeing downward moves almost every day of the past week.
- Chicago wheat contract in March up 8.5 cents per bushel to 785.25 cents / bushel;
- Kansas wheat March contract up 9 cents / bu to 805.5 cents / bu;
- Minneapolis wheat drops 0.5 c / bu to 1021.75 c / bu;
- March wheat contract MATIF up by â¬ 1 / t to â¬ 283.50;
- Black Sea wheat added $ 1.50 / t.
- Maize March contract down from 1.75c / bu to 590c / bu;
- January contract for soybeans up 3.25c / bu to 1267.75c / bu
- January 2022 Winnipeg canola contract down C $ 2.40 / t to $ 1,005.60 / t;
- MATIF rapeseed contract February 2022 up by â¬ 9 / t to â¬ 718.25 / t;
- ASX January 2022 wheat down by $ 10 A / t to $ 398 / t;
- ASX January 2023 wheat down $ 6 / t to $ 377.50 / t.
The Buenos Aires Grain Exchange has increased its estimate of Argentina’s 2021/22 wheat harvest by 0.7 Mt to 21 Mt from the USDA estimate of 20 Mt released last week.
The corn harvest in Ukraine is expected to be 40 mmt with a higher bias.
US inflation hit a nearly four-decade high in November. Figures from the Ministry of Labor showed the Consumer Price Index, which measures what people pay for goods and services, rose 6.8% in November from a year ago. The price pressures were brought on by strong demand and supply chain issues linked to the pandemic, as well as higher energy prices.
Growing conditions stretching from northern Argentina to southern Brazil are under surveillance with hot and dry weather persisting.
Chinese leaders on Friday pledged tax cuts and support for entrepreneurs to support plummeting economic growth after a campaign to curb the upsurge in bankruptcies caused by corporate debt and defaults by real estate developers . A statement released at the end of an annual planning meeting chaired by President Xi Jinping called for “maintaining stability,” reflecting concern over rising risks after economic growth plummeted to a low level. surprisingly down 4.9% from the previous year in the quarter ending September. “The economic development of our country is facing the triple pressure of contraction in demand, supply shocks and weakening expectations,” the statement said.
Oil is on track for its biggest gains since late August – with Brent and WTI up around 7pc.
Spot markets ended the week lower with lower bids of $ 5-10 / ton on wheat and barley late Friday afternoon.
With the intensification of the harvesting activity and the yields still exceeding expectations, the producers are happy to continue participating in the market.
Canola was down $ 15-20 / t on crates, the canola harvest through New South Wales is now nearing completion.
A good week ahead for the harvest as most producers are still a good week or two behind their normal schedule given the delays.
The weather forecast for the next 8 days looks relatively clear for WA, SA, Vic and a few scattered showers along the coast for NSW, but should all go smoothly so growers can prepare for Christmas now.