Daily Market Wire 6 May 2024

Lachstock Consulting, May 6, 2024

US winter wheats gained 2 percent on Friday. The US dollar index suffered a third day downward, the Australian dollar and the Dow gained again.

  • Chicago December 2024 wheat up US18c/bu to 668.5c/bu
  • Kansas December 2024 wheat up 12.25c/bu to 683c/bu
  • Minneapolis December 2024 wheat up 5.25c/bu to 731.25c/bu
  • MATIF wheat December 2024 up €6.50/t to €241/t;
  • Corn December 2024 up 3.25c/bu to 482.75c/bu;
  • Soybeans November 2024 up 13.25c/bu to 1201c/bu;
  • Winnipeg canola November 2024 up C$8.70/t to $660.80/t
  • MATIF rapeseed November 2024 up €3.25/t to €476.25/t
  • ASX May 2024 wheat up A$5/t to $350/t;
  • ASX January 2025 wheat up A$3/t to $366/t
  • ASX May 2024 barley up A$3.50/t to $322.50/t;
  • ASX January 2025 barley up A$3.50/t to $330.50/t
  • AUD dollar up 45 points to US$0.6610.


The Buenos Aires Grain Exchange reported that for the week ending 2 May, Argentine 2023-24 soybean harvest was 36pc complete (36pc previous year, 48pc five-year avg), with conditions rated 75pc fair/excellent (76pc previous week, 43pc previous year). Soybean production forecast was unchanged at 51 million tonnes (Mt) but the report noted the impact of “thermo-hydric” stress during March on yield potential could reduce production. Corn harvest was 22pc complete (20pc previous year) and crop condition was rated 60pc fair/excellent (60pc, 46pc). In addition to the impact of thermo-hydric stress, leafhoppers remained a worry, already estimated to have impacted area and yield, with production cut by 3Mt, to 46.5Mt. 

StoneX has kept its 2023-24 Brazil soybean production forecast unchanged at 150.8Mt (146.5Mt Conab) and total maize production estimate revised up 1.4Mt to 125.6Mt (111Mt). 

Heavy rain and flooding in Rio Grande do Sul has resulted in delays to 2023-24 soybean harvest and crop losses, with harvest pegged at 76pc done (66pc week ago, 75pc year ago). In the south of the state, around 40pc of fields are still to be cut. Threshing of primary (full-season) maize was 83pc complete (82pc, 82pc). 

FranceAgriMer reported that as at 29 April, the 2024-25 common wheat crop was rated 63pc good/excellent (64pc previous week, 93pc previous year), durum 66pc (67pc, 88pc), winter barley 66pc (66pc, 91pc), and spring barley 74pc (73pc, 94pc). 2024-25 maize planting was 45pc complete (26pc week ago, 54pc year ago, 70pc five-year average). 

Algeria’s state grains agency reportedly purchased between 150kt -250kt of soft wheat in a tender that closed Thursday, estimated at $249-255/t. 

IKAR agricultural consultancy has cut its forecast of Russian wheat production by 2Mt to 91Mt and exports by 1.5Mt, to 50.5Mt. 

US private exporters reported sales of 122kt of soybeans to unknown destinations during the 2023-24 marketing year.


Local markets finished the week with a firmer tone, with canola track values pushing up to A$675/t Port Kembla. ASX July 24 wheat ended the week up $3/t at $352/t. Rainfall totals were disappointing for parts of southern NSW, while central and northern NSW picked up varying totals of between 15-50mm, with isolated pockets getting 50-100mm. It was another dry week for SA and Vic, but WA picked up varying totals of between 10-25mm with the far south getting 25-50mm.

The Indian government announced on Friday that it has removed its tariffs on desi chickpeas until 31 March next year, effective immediately. The timing of the announcement may see even more chickpeas go in over the coming month as a great moisture profile has benefitted the major growing regions of northern NSW and Qld. High prices had already raised plenty of interest this season.


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