Daily Market Wire 2 May 2024

Lachstock Consulting, May 2, 2024

The wheat markets eased and the oilseeds gained. The US dollar index eased and the Australian dollar gained. France was closed for the May Day holiday.

  • Chicago December 2024 wheat down US3c/bu to 645.75c/bu
  • Kansas December 2024 wheat down 9.25c/bu to 659.5c/bu
  • Minneapolis December 2024 wheat down 3c/bu to 719.25c/bu
  • MATIF wheat December 2024 shut for holiday, previous close was €233.75/t;
  • Corn December 2024 up 3.25c/bu to 472.75c/bu;
  • Soybeans November 2024 up 5.5c/bu to 1165c/bu;
  • Winnipeg canola November 2024 up C$7.60/t to $642.60/t
  • MATIF rapeseed November 2024 shut for holiday, previous close was €465.75/t
  • ASX May 2024 wheat up A$3.50/t to $344.50/t;
  • ASX January 2025 wheat down A$1.50/t to A$363.50/t
  • ASX May 2024 barley up $2/t to $319/t;
  • ASX January 2025 barley down $3/t to $327/t
  • AUD dollar up 50 points to US$0.6523.


US spring planting has been making good progress with recent USDA data showing above average pace but recent and upcoming rain will likely hamper progress next week, typically the peak planting week for corn. If delays end up being significant, acreage gains and yields could be limited as it would push pollination into warmer weather. 

Argentina’s oilseed sector workers have ended their two-day strike despite the lower house of the Argentine National Congress approving reforms opposed by some unions. Activity at the main agricultural shipping hub in Rosario began normalising late Tuesday but there is reportedly a union meeting next week to discuss next steps. 

According to Ukraine’s Ag Ministry, 6.3Mt of grain was exported in April, up from 5.5Mt in March, including 4.1Mt corn, 1.9Mt wheat and 231kt barley. 

Refinitiv Commodities Research reports that generally favourable weather in Ukraine supports its 2024-25 wheat production forecast which is unchanged at 22.1Mt (21Mt previous year), including 3Mt in uncontrolled territories. Over the past two weeks, mixed conditions were observed, with cooler than average temperatures in western and central areas and warmer than normal weather in the east. Recent rainfall significantly improved soil moisture, which will benefit winter wheat. Cooler than normal temps and moderate rainfall are forecast for the coming two weeks. The 2024-25 rapeseed production forecast was unchanged at 3.8Mt (4Mt), including 0.6Mt in uncontrolled territories.

Manitoba Agriculture, Food and Rural Development reported that for the week ending 30 April, beneficial rain was noted in central and south-west regions. The 2024-25 spring wheat and barley seeding both were 4pc complete, with fieldwork most advanced in the Central region. 

The US Federal Reserve left interest rates unchanged and suggested that rates will stay high for longer. 

South Korea’s Major Feedmill Group reportedly purchased 134kt of maize, including 66kt from optional origins at US$242.86/t c&f, and 68kt from South America, at $241.99/t c&f, both for Aug arrival. 

Algeria’s state grains agency has a tender underway for 50kt of milling wheat from optional origins, for Jun/Jul shipment.


East coast markets are being driven by the weather. The current rainfall outlook for southern NSW and Vic not looking great, while northern NSW and Qld could do with a bit of a dry spell. All cereal prices were slightly firmer yesterday as grower were focused on sowing operations and/or harvesting summer crops. Freight is becoming difficult to acquire as the commercial fleet picks up the slack from the grower fleet that is currently stuck on farm.

WA has picked up some better than expected rainfall over the last couple of days with rainfall pushing further north than what was initially forecast. Plenty more is needed but it is certainly a start, with more rain pushing through this morning. Another rainfall front is expected to pass through NSW over the next 4 days, bringing 5-50mm, with the higher totals expected in the northwest.


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