Daily Market Wire 4 July 2024

Lachstock Consulting July 4, 2024

Grains eased and oilseeds gained.

  • Chicago December 2024 wheat down US6.75c/bu to 598c/bu;
  • Kansas Dec 2024 wheat down 7.75c/bu to 601c/bu;
  • Minneapolis Dec 2024 wheat down 8.25c/bu to 641c/bu;
  • MATIF wheat Dec 2024 down €4.25/t to €230.75/t;
  • Corn Dec 2024 down 1.75c/bu to 419.5c/bu;
  • Soybeans Nov 2024 up 8.5c/bu to 1121.5c/bu;
  • Winnipeg canola Nov 2024 up C$1.60/t to C$652.70/t;
  • MATIF rapeseed Nov 2024 up €7.25/t to €508.25/t;
  • ASX Jan 2025 wheat down A$2/t to $360/t;
  • ASX Jan 2025 barley unchanged at $A303.90/t;
  • AUD dollar up 38 points to US$0.6705.


Markets offshore overnight were mixed. The soybean complex found some support, canola continued its recent run and the wheat markets around the world remained under pressure due to northern hemisphere harvest. 

Overall US soybean growing conditions have been ideal so far this season, apart from some excessive rainfall in the northwestern belt. Crop ratings this week held at 67pc good/excellent; the second highest crop condition score out of the past six years. Season 2020 rated better than this year. 

Little damage has been reported following an attempted Ukrainian drone attack overnight on Russia’s largest Black Sea port, Novorossiysk. Interfax news agency reported that the port remains open and shipping continues. 

The number of panamax vessels currently waiting outside Brazilian ports to load grains is at 3-year average levels, with 58 vessels currently waiting. The record was in 2023 when about 100-150 vessels were waiting to load during much of the Jul/Aug/Sep/Oct period. Market optimism responded today to reports of China buying 20-30 cargoes of Brazilian beans for Aug/Sep shipment. 

Tunisia tendered for 100kt soft wheat and 50kt durum wheat for July/Aug shipment, expected to close tomorrow.  

Japan is seeking 65kt wheat and 25kt barley in its tender this week.  

Jordan decided not to buy at its tender for 120kt milling wheat which closed yesterday.

US markets are closed for the Independence Day holiday.


Eastern Australian canola price continued to climb yesterday. New crop canola track was bid A$746/t Port Kembla. Wheat and barley remained relatively unchanged for the day.  

Western Australian new crop cereals markets were unchanged, but canola edged another $5/t higher to $815/t FIS.  

The weather forecast predicts 15-25mm for most eastern cropping regions over the next eight days, mostly in the back end of the week.  

Last night was frosty in Horsham, Wangaratta and Kilmore. A cold night expected tonight for southeastern NSW and Goulburn.

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