Daily Market Wire 13 November 2023

Lachstock Consulting, November 13, 2023

Canola, alone, gained amid an easier Friday offshore market.

  • Chicago December wheat down US5.5c/bu to 575.25c/bu;
  • Kansas December wheat down 7.25c/bu to 640c/bu;
  • Minneapolis Dec wheat down 4c/bu to 730.5c/bu;
  • MATIF wheat Dec down €1/t to €232.25/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December down 4c/bu to 464c/bu;
  • Soybeans May 2024 up 2c/bu to 1371.5c/bu;
  • Winnipeg canola May 2024 up C$11.40/t to $713.60/t;
  • MATIF rapeseed May 2024 down €3/t to €438.50/t;
  • ASX January 2024 wheat unchanged at A$389/t;
  • ASX January 2024 barley unchanged at A$330/t;
  • AUD dollar down 7 points to US$0.6360.


Freight costs for vessels using Ukraine’s alternative export corridor have reportedly risen US$20/t and shipowners are not as keen on loading in Ukraine following Russia’s strike on a cargo vessel. The UK Ministry of Defence has since said that the strike was likely an accident as a result of poor weapons employment tactics and the target was more likely to have been Ukrainian Military radars in the area but locked onto the radar of the civilian vessel by accident.

According to a Ukrainian a senior railway official, the number of rail wagons heading to the Odesa port increased by 26pc over the past week and that up to 970 wagons were unloaded at the port silos each day.

Buenos Aires Grain Exchange noted that for the week ending 8 Nov the 2023-24 wheat harvest was 14pc complete (4pc previous year), with conditions rated at 57pc fair/excellent (45pc previous week, 45pc previous year). Maize plantings were at 25pc complete (23pc previous year, 33pc avg), with conditions rated at 90pc fair/excellent (87pc previous week, 66pc previous year). Soybeans planting was at 6pc with progress noted in the Pampas amid good soil moisture following recent rainfall. It noted soybean planted area could extend beyond the 17.1 million hectares it initially forecast. Rainfall arrived too late for fields originally intended for some crops, such as early corn in the north part of Argentina’s agricultural core and sunflower crop in western areas, causing them to be re-destined for soybeans. 

A lack of rainfall in Brazil’s top grain state Mato Grosso has delayed soybean planting by up to 30 days and is compromising the outlook for second corn. Soybean growers also noted dry weather forced replanting on some areas, which may impact yield potential.

Winter wheat sowing in northwest Europe has been impacted by intense storms soaking key growing areas. FranceAgriMer noted, at 6 November, 67pc of France’s soft-wheat crop was planted compared to 91pc last year and the five-year average of 83pc. Durum planting was 15pc complete (46pc previous year, 34pc avg) and winter barley was 81pc (96pc, 91pc).


Local markets rounded out the week on Friday pretty much unchanged, with the ASX eastern Australia Jan 24 wheat contract settlement price unchanged at A$389/t. Grain quality has been improving slightly as harvest progresses south. Scattered storms over the weekend slowed harvest progress but the week ahead should provide better conditions in the east while rainfall in southern WA will slow things down. Rainfall is expected to build later in the week for northern NSW and Qld.

ABS data show that Australia exported 1.49Mt wheat in September, which closes out the 2022-23 marketing year at a record 31.8Mt, beating last year’s record by an impressive 4.2Mt. Barley rounded out the marketing year at 7.08Mt, below last year’s pace and well below the record of 9.1Mt set in 2016-17. Canola ended the marketing year at a new record of 6.16Mt, exceeding last year’s record of 5.4Mt.


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