Daily Market Wire 10 May 2023

Lachstock Consulting, May 10, 2023

Matif wheat eased 3 percent.

  • Chicago wheat December 2023 contract down US10.5 cents per bushel to 672.5c/bu;
  • Kansas wheat December 2023 contract up 3c/bu  to 833.25c/bu;
  • Minneapolis wheat December 2023 up 3.25c/bu to 852.5c/bu;
  • MATIF wheat December 2023 down €7.25/t to €238/t;
  • Black Sea wheat December 2023 down US$0.75/t to $276.75/t;
  • Corn July 2023 contract down US11.75 c/bu to 584.75c/bu;
  • Soybeans July 2023 contract down 19.5c/bu to 1414.25c/bu;
  • Winnipeg canola July 2023 contract down C$4.90/t to $738.10/t;
  • MATIF rapeseed August 2023 contract up €5.25/t to €434.25/t;
  • ASX January 2024 wheat contract down A$5.50/t to $383/t;
  • ASX January 2024 barley contract unchanged at A$317.80/t;
  • AUD dollar eased 21 points to US$0.6762


A high-level meeting on the Black Sea Grain Initiative will take place in Istanbul on 10-11 May according to a statement attributed to Russia’s Deputy Foreign Minister. Officials from Russia, Ukraine, Turkey and the United Nations are expected to attend. Ukraine says it has “several scenarios” to transport its grain if the deal isn’t extended, without providing details.

Prime Minister of Canada, Justin Trudeau, promised to support Canadian agricultural producers if China were to retaliate economically to the expulsion of a Chinese diplomat. 

Mr Trudeau said, while hoping economic retaliation would not happen, the government had always been there to assist businesses and producers, whether pork or canola. 

StatsCan reported all wheat stocks as of 31 March were estimated at 13.3Mt, up 18 percent compared to last year but below the average pre-report estimate of 14Mt. Canola stocks were estimated at 5.95Mt up from 5.16Mt in the previous year.

Soybean yields in central and northeastern Brazil have been above expectations and more than compensated for disappointing results in far southern areas. As a result, crop consultant Michael Cordonnier raised his Brazilian soybean crop estimate 1Mt to 154Mt. Dr Cordonnier also raised his Brazilian corn crop estimate 1Mt to 124Mt, despite some safrinha corn areas starting to turn drier.

US private exporters reported the cancellation of another 272,000t corn sales to China for the 2022-23 marketing year, which brings total cancellations to 832,000t.

Japan’s MAFF is reportedly seeking to buy around 126,000t food-quality wheat from the United States, Canada and Australia in a regular tender that will close on Thursday. 


Local markets remained subdued. Eastern states wheat and barley mostly attracted little buying interest. South Australian Adelaide zone wheat at around $360/t port traded for APW1 and ASW1 grades. Canola bids current crop eased yesterday. New crop interest gained some traction, with some wheat parcels getting priced, however growers remained focused on getting the crop in the ground.

According to ABS data Australia exported just over 600kt of canola in March up slightly from the 592kt exported in February. The top three destinations were the EU (336kt) the UAE (170kt) and Mexico (48kt).


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