Daily Market Wire 11 October 2023

Lachstock Consulting, October 11, 2023

Markets were lower. Kansas and Chicago wheat eased 2 percent.

  • Chicago wheat December down US14.25c/bu to 558.5c/bu;
  • Kansas wheat December down 14.75c/bu to 671.25c/bu;
  • Minneapolis wheat December down 7.5c/bu to 723.5c/bu;
  • MATIF wheat December down €2.75/t to €234.50/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December down 2.75c/bu to 485.5c/bu;
  • Soybeans May 2024 up 3.5c/bu to 1312c/bu;
  • Winnipeg canola November down C$6/t to C$704.60/t;
  • Winnipeg canola May 2024 down C$9.30/t to $721.10/t
  • MATIF rapeseed November 2023 down €6.50/t to €419.75/t;
  • MATIF rapeseed May 2024 down €5.25/t to €444.50/t;
  • ASX January 2024 wheat down A$5/t to $407/t;
  • ASX January 2024 barley unchanged at A$348.50/t;
  • AUD dollar up 21 points to US$0.6432


Egypt’s GASC reportedly purchased 480kt of Russian wheat for Nov-Dec shipment at $265/t FOB, with payment in 270-day letters of credit. Egypt’s wheat imports are up 30pc calendar year to date at 8.34Mt, with 80pc of imports originating from Russia.

According to Black Sea market analyst SovEcon Russian wheat exports in October may range between 3.9-4.4Mt, down from 4.5Mt a year earlier. This would mark the first time this season when wheat exports fell below last year’s figures. Sales of Russian wheat may decline amid its decreased competitiveness. Despite possible sales cuts in October, exports for 2023-24 are still projected to be record high at 48.6Mt (46.9Mt last year). 

Newswire Agricensus reported that Ukraine line ups data show activity at deepsea ports (Pivdennyy, Odesa and Chornomorsk) has noticeably increased. Following the successful dispatch of eight vessels carrying a cumulative total of 242kt of grains and iron ore, a further 14 ships have arrived or are expected to arrive to load at least 560kt.

Brazil’s Ag. Ministry reports that due to drought lowering water levels along major rivers in the Amazon basin, there are concerns about maize export prospects from northern export routes. Conditions were reportedly especially difficult west of Manaus and the upper Amazon tributaries. Barge loads along the Madeira River were said to have been reduced as a precautionary measure. 

Its national agricultural agency, Conab, reported as at 7 Oct, the 2022-23 safrinha maize harvest was 100pc complete. Maize 2023-24 first season plantings were 27pc complete (27pc last year), with rainfall hampering progress in some regions, including in Santa Catarina and Paraná. However, precipitation was deemed beneficial for early crop development in the latter. The 2023-24 soybean plantings were 10pc complete (11pc last year), with limited precipitation delaying fieldwork in parts of Mato Grosso and Mato Grosso do Sul, while rainfall hindered advances in Paraná. 

One of China’s largest private property developers, Country Garden, warned yesterday that it expects it will not be able to meet all offshore payment obligations when due or within the relevant grace periods. The announcement effectively means it is likely to default, with an estimated $187 billion in liabilities.


Local markets were softer yesterday with the ASX eastern Australia Jan 24 wheat contract ending the day down A$5/t at A$407/t. The Vic market relaxed in the afternoon after a pick up in grower selling, with barley taking most of the brunt while wheat seemed to hold its ground a little better.

According to Viterra’s latest harvest report, for the week ending 8 Oct SA growers delivered over 7,700 tonnes into the Viterra, with total receivals sitting at 9,000 tonnes. Most deliveries were to Western region sites, with lentils making up the largest quantity, followed by wheat and barley



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