Daily Market Wire 4 March 2024

Lachstock Consulting, March 4, 2024

Wheat eased between 2 percent and 4 percent. The oilseeds were mixed.

  • Chicago May 2024 wheat down US18.5c/bu to 557.75c/bu;
  • Kansas May 2024 wheat down 22.75c/bu to 564.5c/bu;
  • Minneapolis May 2024 wheat down 15.25c/bu to 643.75c/bu;
  • MATIF wheat May 2024 down €4.50/t to €191.50/t;
  • Black Sea wheat futures has not quoted since 11 August 2023;
  • Corn May 2024 down 4.75c/bu to 424.75c/bu;
  • Soybeans May 2024 up 10.5c/bu to 1151.25c/bu;
  • Winnipeg canola May 2024  down C$2.90/t to $590.80/t;
  • MATIF rapeseed May 2024 up €1.50/t to €413.50/t;
  • ASX March 2024 wheat down A$1/t to $326/t;
  • ASX May 2024 wheat down A$3/t to $330/t;
  • ASX March 2024 barley unchanged at A$298.50/t;
  • ASX May 2024 barley unchanged at A$304.50/t;
  • AUD dollar up 28 points to US$0.6526.


Russian drones struck Odesa on Saturday night, killing 12 people, including five children. The strike hit a multi-storey apartment building, destroying 18 apartments and trapping people under rubble. In a separate Russian strike, 16 people were injured in the town of Kurakhove in the Donetsk region. 

Buenos Aires Grain Exchange reported for the week ending 28 Feb that rainfall continued to boost soil moisture in many growing areas. Condition of 2023-24 soybeans rated 82pc fair/excellent (34pc previous year), maize 87pc fair/excellent (44pc). Harvest of early-planted maize crops continued in the provinces of Santa Fe and Entre Rios, while rains in the central-northern and western growing regions helped improve moisture conditions for late-sown crops. Earlier hot weather likely capped the yield potential of crops seeded during Nov, although the impact on later sown crops is expected to be limited. 2023-24 maize production forecast maintained at 56.5Mt. Sorghum harvest started in central and norther regions, with production seen at 3.5Mt. Although recent rains were termed beneficial for crop condition, increased pest pressure was also noted in places. 

StoneX has revised up its Brazil soybean production forecast by 1.15Mt to 151.5Mt, citing improved crop conditions and lowered total corn crop production to 124.44Mt, citing a reduced Safrinha planted area. 

FranceAgriMer reported that as at 26 Feb, 2024-25 durum planting was 91pc complete (97pc previous year), spring barley at 27pc (92pc). The condition of the 2024-25 common wheat crop rated 68pc good/excellent, down one point from the previous week (95pc previous year), durum at 74pc (91pc) and winter barley at 70pc (93pc). 

India’s Dept. of Agriculture has pegged 2024-25 wheat production at 112Mt (110.6Mt previous year) and barley at 2.2Mt (1.9Mt).

Energy company Chevron has indefinitely idled two biodiesel production facilities in the US Midwest citing poor market conditions.


ASX bled further on Friday, with the May contract down another A$3/t to $330/t. Local values were close to unchanged for the day but were carrying a softer tone. Sorghum values are maintaining their $30/t spread to wheat but for now are not picking up large swags of domestic demand but are being closely watched by the consumer. 

After very patchy totals last week ranging between 5-100mm, WA has more rain on the forecast for the coming week, with 10-50mm expected. The heavier totals are forecast for cropping regions in the southeast. Winter cropping regions in SA, Vic, NSW and Qld are looking at a relatively dry week.


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