RIP Warnie and Rod Marsh, what a sad day for Australian cricket, two of the game’s biggest legends gone. I can hear Richie, recapping their glorious innings.

US SRWW wheat futures at Chicago were limit up again overnight. The May22 slot closing at 1209c/bu (AUD$602/t). The March22 contract isn’t where the action is as it is about to expire, volume there just over 19kt, closing at 1348c/bu (AUD$671.50). This is the highest nearby close I have on my records. I only have 14 entries of nearby contracts exceeding 1100c since 1994.
Seeing a lot of market analyst all around the world just walking away from this market now. Chinese internal values are sky rocketing after Ukraine / Russian supplies appear jeopardised. But, but, don’t they hold half the world ending stocks, surely that’s a nice buffer to have for a while, or no, no it can’t be, could it be, could all that wheat possibly not be ….. I hazard to guess, could they be….. I can’t say it.
I’ll be looking at more swaps come Monday, mind you my game is synthetic these days, I don’t have the skin in the game you guys do.
Seeing plenty of reports of physical merchants in the US simply walking away from buying wheat, corn and beans are OK at this stage but wheat is just too unpredictable.
Egypt has two cargos stuck at Ukrainian ports. At the moment Egyptian reserves are robust, so they are not panicking. I would imagine that there would be a little anxiety though as they watch these prices. The Egyptian supply minister stated their reserves mean they are not in a rush to buy further stocks. I’d like to see his poker face. Algeria is also said to have been looking at French wheat again, temporarily forgiving Macron for being Macron.