Daily Market Wire 5 July 2024

Lachstock Consulting July 5, 2024

Matif milling wheat firmed less than 1 percent, canola and rapeseed eased slightly. US markets were on holiday.

  • Chicago December 2024 was untraded, previous close was US598c/bu;
  • Kansas Dec 2024 wheat was untraded, previous close was 601c/bu;
  • Minneapolis Dec 2024 wheat was untraded, previous close was 641c/bu;
  • MATIF wheat Dec 2024 up €1.75/t to €232.50/t;
  • Corn Dec 2024 was untraded, previous close was 419.5c/bu;
  • Soybeans Nov 2024 was untraded, previous close was 1121.5c/bu;
  • Winnipeg canola Nov 2024 down C$2.80/t to C$649.90/t;
  • MATIF rapeseed Nov 2024 down €0.75/t to €507.50/t;
  • ASX Jan 2025 wheat down A$3/t to $357/t;
  • ASX Jan 2025 barley unchanged at $A303.90/t;
  • AUD dollar up 21 points to US$0.6726.


US Exchanges were closed overnight for 4th of July holiday. 

The EU has moved ahead with plans to impose provisional tariffs on Chinese electric cars raising rates as high as 48% which will undoubtedly increase tensions with Beijing.  

Since the unpredicted performance in recent French elections of opposition leader Marine Le Pen, the UK opposition look set to win by a landslide. This adds to the amazing run of incumbents being ejected as 2024’s most-ever elections year continues. US President Biden seems to still be feeling the fallout post the presidential debate with many in his own party calling for him to call it a day. Bookies are backing Vice President Kamala Harris to become the preferred Democrat nominee, paying $5 with Biden slipping to $8.50. Meanwhile, Republican nominee Donald Trump has firmed to $1.57. 

According to Bloomberg logistics market intel, Russia is loading wheat for Indonesia, Brazil, Sudan and Saudi, among others. It said the heat that has returned to Russia is helping bring in its crop and is adding to harvest pressure.


The canola price in the west is now sitting at A$70/t+ over the east for 2024-25 crop year. We again saw a slight uptick in the market yesterday for both current and new crop. 

Both current and new crop prices in the east saw canola again move higher, barley hold steady, and wheat drop slightly. 

Temperatures again are set to drop below zero in parts of SNSW and eastern Vic tonight, minimal rain fell overnight. Some light rain occurred along eastern coastal areas and around Esperance in Western Australia.

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