Daily Market Wire 7 March 2024

Lachstock Consulting March 7, 2024

Wheat continued to ease. Other markets made small gains. The Australian dollar gained about 1 percent and the US Dollar Index eased.

  • Chicago May 2024 wheat down US20c/bu to 531c/bu;
  • Kansas May 2024 wheat down 13c/bu to 556.25c/bu;
  • Minneapolis May 2024 wheat down 10.25c/bu to 645.25c/bu;
  • MATIF wheat May 2024 down €1.75/t to €188.50/t;
  • Black Sea wheat futures has not quoted since 11 August 2023;
  • Corn May 2024 up 2.5c/bu to 428.75c/bu;
  • Soybeans May 2024 down 0.75c/bu to 1148.25c/bu;
  • Winnipeg canola May 2024  up C$3.60/t to $598.90/t;
  • MATIF rapeseed May 2024 up €0.25/t to €422.50/t;
  • ASX March 2024 wheat down A$5.50/t to $316/t;
  • ASX May 2024 wheat down A$5/t to $319.50/t;
  • ASX March 2024 barley unchanged at A$298.50/t;
  • ASX May 2024 barley unchanged at A$304.50/t;
  • AUD dollar up 61 points to US$0.6564.


Wheat futures were pressured lower again after Algeria’s state grains agency reportedly purchased up to 900,000 tonnes of milling wheat (11.5pc pro) at an estimated US$227-$228/t c&f, optional origin, but thought to be mostly Russian. 

Russia struck port infrastructure in Odesa yesterday, reportedly killing five people. President Zelensky and the Prime Minister of Greece were visiting the Ukrainian port city at the time. Neither was hurt, and it was unclear whether Russia had targeted them. Russia said it successfully attacked a hangar housing Ukrainian naval drones.
Escalation in the Red Sea as a Houthi missile attack on the M/V True Confidence (Barbados-flagged, Liberian-owned) bulk carrier has resulted in two crew fatalities, the first time anyone has been killed by Houthi attacks. The ship has now been abandoned and coalition warships are now in the area assessing the situation. 

Nikki Haley has dropped out of her White House campaign after only winning support in one State on Super Tuesday. Donald Trump won 12. She declined to endorse Mr Trump but called on him to earn the support of moderates and independents who backed her in the primary. 

Jordan’s state grains buyer reportedly purchased 60kt of milling wheat from optional origins, likely from Russia, at $236/t c&f, for Jul shipment. It separately seeks up to 120kt of feed barley. 

South Korea’s Major Feedmill Group reportedly purchased 60kt of feed wheat from optional origins at $246/t c&f, for Jul arrival. Feed Leaders Committee and Korea Feed Association jointly purchased 60kt of feed wheat from optional origins also at $246/t c&f, for Jul arrival.


East coast canola markets took a firmer tone yesterday as local markets mostly passed on the offshore move. A slow trickle of grower sellers are becoming a little more interested in ticking away some sales but overall, still subdued. The ASX May wheat contract was down another A$5/t to $319.50/t by the end of the day. 

Australian Bureau of Statistics (ABS) data released yesterday shows Australia’s economy grew by 0.2pc in the December quarter, the smallest increase in more than a year. The ABS noted that growth had slowed across each quarter of 2023. The weakness in consumer spending was reflected in the 0.1pc rise in household spending over the quarter, entirely driven by essentials, not discretionary purchases. The results mean that interest rates will almost certainly be left unchanged in March and increases the likelihood that rates may be cut in the second half of 2024.


Grain Central: Get our free news straight to your inbox – Click here


Your email address will not be published. Required fields are marked *

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.


Get Grain Central's news headlines emailed to you -