Markets

Daily Market Wire 9 January 2024

Lachstock Consulting, January 9, 2024

Nearby Chicago wheat eased 3 percent amid generally easier markets.

  • Chicago March 2024 wheat down 19.75c/bu to US596.25c/bu;
  • Kansas March 2024 wheat down 12.75c/bu to 615.25c/bu;
  • Minneapolis March 2024 wheat down 9.5c/bu to 702.5c/bu;
  • MATIF wheat March 2024 down €2.25/t to €218.50/t;
  • Black Sea wheat futures has not quoted since 11 August 2023;
  • Corn March 2024 down 5.75c/bu to 467.5c/bu;
  • Soybeans May 2024 down 9.5c/bu to 1254.75c/bu;
  • Winnipeg canola May 2024 down C$2.60/t to C$624.20/t;
  • MATIF rapeseed May 2024 down €4/t to €420.25/t;
  • ASX January 2024 wheat down A$2/t to $371/t;
  • ASX January 2024 barley unchanged at A$307.50/t;
  • AUD dollar up 6 points to US$0.6720.

International

Ukraine’s Infrastructure Ministry reported 15 million tonnes (Mt) of commodities were shipped since the opening of the Ukrainian Sea Corridor, including 10Mt of agricultural products. It noted that in 5 months, 469 vessels have entered Black Sea ports for loading. Currently, 39 vessels are loading in the ports of Pivdenniy, Odesa, and Chornomorsk and 83 more vessels are heading to the ports of Great Odesa. 

Agribusiness consultancy Safras & Mercado cut its 2023-24 Brazilian soybean production forecast by 6.9Mt from Dec, to 151.4Mt reflecting unfavourable growing conditions linked to El Niño weather patterns. 

Brazil Customs data show 2023 (Jan/Dec) soybean exports reached a record 101.8Mt, up 29pc from 2022. Soymeal exports reached a record 23.2Mt, up 11pc. Maize exports were estimated at a record 55.9Mt, up 29pc compared to previous year.

Argentina’s Rosario Stock Exchange reports that 2023 (Jan/Dec) soybean exports were 23.6Mt, down 39pc from the previous year, while maize exports were down 33pc at 24.3Mt, and wheat was down 76pc at 3.6Mt, reflecting the impact of severe drought on production.

Jordan’s state grains buyer seeks (9 Jan) 120kt of milling wheat from optional origins, for Mar-May shipment. 

South Korean flour millers reportedly purchased 89kt of milling wheat from the US, including 37,890t soft white (9.5pc-11pc protein), at US$243.51-$243.68/t fob, 2,410t soft white (9pc), at $258.22-$258.40/t fob, 23,550t HRW (11.5pc), at $271.74-$271.93/t fob, and 24,850t DNS (14pc), at $306.51-$306.71/t fob, for Mar/Apr shipment.

Australia

The Western Districts of Victoria is pretty much the last man standing with 23/24 crop yet to be harvested. Damage levels from the recent rainfall are a mystery at this stage but certainly FED1 is on the cards. Local markets were lacklustre out of the blocks yesterday for the first full trading week of the year, seemingly still working through the Christmas ham and champagne from New Year celebrations, with ASX Mar 24 wheat closing down at $372.30/t.

GrainCorp released its final harvest update yesterday noting that 78kt was delivered over the past week (the vast majority in Vic) taking total receivals to 7.92Mt. Growers were still delivering in some parts of Vic, mainly in the Wimmera and Western Districts. Wet weather continues to be disruptive for growers, however with clearer conditions, the activity is expected to wind up in the next fortnight. Several sites across Victoria have had their best ever season, with records falling at Elmore, Murchison East, Mitiamo, Quambatook, Rainbow, Speed and Nhill. Meanwhile, the Southern Mallee cluster of sites have together received the most grain ever this season.

 

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