The big news, fundamentally, yesterday was the Saturday morning frost in Argentina. One would assume that frozen soybeans may put a significant rush of blood into the world oilseed market. With the US having a public holiday, markets do appear to have missed that caffeine fuelled speculation, and additional volume that the US punters so often inject.
If we are to take guidance from the EU market today one might even question if they know where S.America is. Paris rapeseed futures were sharply…. lower…. I mean, why not. The single largest weather event in Argentine soybean production for some years occurred on Saturday morning, why would oilseed futures rally, I mean really, how American of one to assume it’s relevance.. (say this in your head in a French accent and you’ll feel the sarcasm a lot better). Looking at Paris milling wheat, London feed wheat and Paris corn one could even wonder if the EU futures market didn’t go out in sympathy with the US and have an extended weekend, all three commodities were either side of unchanged by the close… yawn worthy stuff.

For those thinking about sowing some chickpeas in 2023 be aware that India is expected to see better domestic production than last year. In 2022 India produced roughly 13.54mt of chickpeas. The current estimate for what is about to be harvested is 13.63mt of 11.2mha. There are private estimates in the market from as low as 9.5mt up to as high as the latest 13.63mt from the Indian Ag Dept. If realised this is above Indian domestic demand and could stimulate Indian exports to neighbouring countries thus stifling Australian exports in the short to mid-term.
Mung bean production is estimated at 3.55mt, lower than the initial estimate earlier this month but higher than the 3.17mt produced last year. Combined Kharif and Rabi pulse production in India, of all pulses, is expected to increase from 27.3mt last year to 27.8mt this year.