Australian Wheat Market Update for W11

US wheat markets were higher for the third consecutive day as they recovered from W10’s sharp selloff. Weekly crop condition ratings for the southern US wheat crop showed a slight deterioration, and there isn’t much rain on the forecast. Rainfall will be crucial over the next few weeks as this crop emerges from its winter dormancy. There is still some uncertainty about the renewal of the Black Sea grain corridor agreement as Russia insists on a 60-day renewal, and Ukraine wants 120 days. It will automatically renew on the weekend if no official objections are made.

For the past seven days, the Australian Wheat Market traded mostly down. H2 is trading at USD 281.30/MT, down USD 2/MT from this time in W10. AGP1 was up USD 6.19/MT from this time in W10, trading at USD 252.52/MT* on March 15, 2023, and APW1 was up USD 0.16/MT from this time in W10, trading at USD 271.43/MT* on March 15, 2023.