Daily Market Wire 10 August 2023

Lachstock Consulting, August 10, 2023

Chicago SRW wheat front months eased 3 percent.

  • Chicago wheat December down US19.75 cents per bushel to 661.75c/bu;
  • Kansas wheat December down 5.5c/bu to 776c/bu;
  • Minneapolis wheat December down 10c/bu to 835.5c/bu;
  • MATIF wheat December down €2.75/t to €250.75/t;
  • Black Sea wheat December unchanged at US$249/t;
  • Corn December down 2.5c/bu to 494.25/bu;
  • Soybeans November up 2.5c/bu to 1308.5c/bu;
  • Winnipeg November canola contract down C$15/t to $775.90/t;
  • MATIF rapeseed November 2023 down €5.50/t to €458.25/t;
  • ASX January 2024 wheat up A$5/t to $415/t;
  • ASX January 2024 barley up A$5/t to $340/t;
  • AUD dollar eased 15 points to US$0.6529


Turkish President Erdogan said he aims to revive the Black Sea grain deal with an “expanded scope,” calling on western countries to help turn the initiative into the basis for peace between Russia and Ukraine. Erdogan said the solution depends on western countries “fulfilling their promises”. 

SovEcon have revised wheat export forecast for 2023-24 higher by 0.9Mt to 48.1Mt (46.9Mt previous year). The forecast was revised due to unprecedented export pace at the beginning of the season. 

Manitoba Agriculture, Food and Rural Development Crop Report for the week ending 8 August notes that localised rains were received across the province, with the higher totals recorded in Interlake and the Northwest. Harvest of winter wheat reached 60 percent complete. Spring wheat conditions were little changed this week, rated mostly fair to good. It said 2023-24 canola conditions ranged from fair to mostly good, while sunflowerseeds remained in good to excellent condition. 

India’s Ag Ministry has announced it will offer 2.5Mt of rice and 5Mt of wheat to bulk consumers, as the government has adequate stocks of both. He also said the Indian government expects domestic rice and wheat prices to stabilise soon. 

Egypt’s GASC purchased 235,000 tonnes of wheat from Russia, at US$262/t fob, for Sep/Oct shipment with freight quoted at $14.50-$17.69/t. 

Jordan’s state grain buyer is tendering to buy 120,000 tonnes of milling wheat from optional origins and 120,000 tonnes of feed barley from optional origins.

US private exporters reported sales of 251,000 tonnes of soybeans for delivery to China for the 2023-24 marketing year.


Fast-moving markets for wheat and barley, both new and current crop, saw prices continue to rally yesterday from east to west. Wheat gained $5-10/t across the board. Barley prices also gained, WA and SA current and new crop were up by $5-10/t.

Agriculture Minister Murray Watt confirmed yesterday that his department had been notified by the Chinese customs agency that both Emerald and CBH will be reinstated as registered exporters. CBH released a statement saying “CBH Group welcomes this positive news and looks forward to working with our customers to return to exporting Western Australian barley to China, a long-standing market. CBH Grain will resume trading to this important barley market with a key trading partner, while continuing to service existing customers in Southeast Asia, the Middle East, Mexico and South America.” 


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