Markets

Daily Market Wire 10 May 2024

Lachstock Consulting, May 10, 2024

Wheat firmed in fractions; other commodity markets eased again. The Dow firmed one percent and the US dollar index eased a little.

  • Chicago December 2024 wheat up US1.75c/bu to 682.25c/bu
  • Kansas December 2024 wheat up 3.25c/bu to 686c/bu
  • Minneapolis December 2024 wheat up 1.5c/bu to 724.5c/bu
  • MATIF wheat December 2024 up €3.50/t to €250.25/t;
  • Corn December 2024 down 1.25c/bu to 480c/bu;
  • Soybeans November 2024 down 12.5c/bu to 1200.5c/bu;
  • Winnipeg canola November 2024 down C$2.30/t to $671.10/t
  • MATIF rapeseed November 2024 down €4.50/t to €483.25/t
  • ASX May 2024 wheat unchanged at $360/t;
  • ASX January 2025 wheat unchanged at $380/t
  • ASX May 2024 barley unchanged at $327/t;
  • ASX January 2025 barley unchanged at $330/t
  • AUD dollar up 41 points to US$0.6620.

International

Russian wheat ships destined for Egypt were issued the necessary phytosanitary certificates to sail after an extended dispute between one of Russia’s top grain traders and a local regulator. 

Egypt’s recent purchase of Russian and Romanian wheat was about US$22/t higher than their last purchase. GASC order are running around a million tonnes behind previous year. 

The USDA will release its May WASDE tonight, a significant report given it will be the first crack at 24/25 global balances. All eyes will be on the Russian production number with the trade guessing somewhere around 90-92Mt, but with an easing bias given recent frosts and extended dryness. 

Three of Russia’s grain regions, accounting for about 10pc of winter wheat area, on Wednesday declared a state of emergency over crop damaging frosts. 

The Buenos Aires Grain Exchange estimated Argentina’s 24/25 wheat crop to yield 20pc higher yield than the previous 18.1Mt harvest. It forecast corn production at 46.5Mt and soybeans at 51Mt. Corn harvest was 23.4pc complete vs 22.1pc last week.

Australia

The continued strong export pace on WA barley has led to some increased exporter accumulation demand for the remaining barley stocks. Values have risen to A$357/t FIS for feed barley and $363/t for MAX1. With what we can see in the lineup, by the end of May WA will have shipped 3.2Mt of barley this season against our estimated 3.5Mt full marketing year target.

Current crop wheat values have held around $395-400/t FIS for APW1, H2 around $405/t FIS and H1 in the region $410/t FIS.

New season canola (CAN) bids lifted to $785/t FIS, and new season wheat bids grouped in the range $405-410/t FIS for all port zones.

Parts of Victoria received up to 25mm rain last night.

 

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