Daily Market Wire 11 September 2023

Lachstock Consulting, September 11, 2023

Markets eased.

  • Chicago wheat December down US4c/bu to 595.75c/bu;
  • Kansas wheat December down 5c/bu to 732c/bu;
  • Minneapolis wheat December down 4c/bu to 770.75c/bu;
  • MATIF wheat December down €2.25/t to €236.25/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December down 2.5c/bu to 483.75c/bu;
  • Soybeans November up 3.5c/bu to 1363c/bu;
  • Soybeans May 2024 up 5.25c/bu to 1387.5c/bu;
  • Winnipeg November canola down C$2.80/t to $780.10/t;
  • Winnipeg May 2024 canola down C4/t to $791.90/t;
  • MATIF rapeseed November 2023 down €5.50/t to €449/t;
  • MATIF rapeseed May 2024 down €2.75 to €472.25/t;
  • ASX January 2024 wheat down A$4/t to $420/t;
  • ASX January 2024 barley unchanged at A$360/t;
  • AUD dollar gained 1 point to US$0.6377.


The UN has reportedly offered to co-sponsor an insurance facility for Russian food and fertiliser exports with Lloyd’s of London and a lead underwriter “to be ready for operationalisation within 4-6 weeks.” A subsidiary of Russia’s agricultural bank could also be connected to Swift international payments system within 30 days, according to Reuters, citing a letter from UN Secretary-General Antonio Guterres to Russian Foreign Minister Sergei Lavrov. 

The Saskatchewan crop report noted that for the week ending 4 Sept harvest advanced rapidly, most notably in the southwest, west central and northwest. Owing to mixed weather conditions across the province during the growing phase, yields were reported to be variable. Winter wheat harvest was 97pc complete (96pc previous year), spring wheat at 50pc (40pc), durum at 73pc (70pc), barley at 68pc (54pc) and canola at 23pc complete (22pc). 

StatsCan estimates that all wheat stocks at the end of July 2023 were 3.58Mt, down from 3.66Mt last year and well below market expectations of 4Mt.

According to a USDA FAS report, China’s 2022-23 soybean imports are estimated at a record 101Mt, above the USDA’s official estimate of 100Mt. 

FranceAgriMer reported that as at 4 September French corn harvest was 1pc complete which is similar to the 5-year average. Conditions were rated 80pc good/excellent, down from 82pc last week but much better than last year (44pc).

US private exporters reported sales of 121,000t soybeans to China during the 2023-24 marketing year. 

South Korean traders reportedly purchased 57,000t feed wheat from optional origins at US$272.75/t c&f for Oct/Nov shipment. 

South Korean flour millers reportedly purchased 88,260t milling wheat from the US, including 32,155t soft white wheat (9.5pc-11.0pc min. protein content) at $264.88-$265.30/t fob, 25,775t HRW (11.5pc) at $301.65-$307.67/t fob and 30,330 tonnes DNS (14.0pc) at $321.35-$324.94/t fob, all for Nov-Dec shipment.


Local markets continued to strengthen as the week closed out. Eastern Australian wheat gained a further $4-5/t. Barley in the northern feed market also firmed as did WA new crop barley. Canola markets softened as offshore continues to feel some pressure. Pulse markets settled down a fraction and were largely unchanged to finish off the week. 

The forecast for this week is not great with nothing on the map for the next 8 days for SA, Vic, NSW or Qld. Southern WA has some showers pencilled in for Wed/Thurs but nothing to get excited about. A run of cold nights of below 0° temps is also causing concern across parts central/southern NSW and Vic, with frosts expected to knock yields.


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