US wheat gained a little. All other markets tended lower.
- Chicago wheat December up US3c/bu to 587.5c/bu;
- Kansas wheat December up 7c/bu to 730.75c/bu;
- Minneapolis wheat December up 12.25c/bu to 779c/bu;
- MATIF wheat December down €2.25/t to €232/t;
- Black Sea wheat has not quoted since 11 August;
- Corn December down 9.25c/bu to 476.5c/bu;
- Soybeans November down 22.5c/bu to 1346.5c/bu;
- Soybeans May 2024 up 18.5c/bu to 1376.75c/bu;
- Winnipeg November canola down C$15.30/t to $752.30/t;
- Winnipeg May 2024 canola down C12.10/t to $770.30/t;
- MATIF rapeseed November 2023 down €14/t to €430.50/t;
- MATIF rapeseed May 2024 down €8.75 to €459/t;
- ASX January 2024 wheat up A$1/t to $419/t;
- ASX January 2024 barley unchanged at A$360/t;
- AUD dollar eased 14 points to US$0.6428.
International
USDA has pegged the US corn yield at 173.8bpa, down from 175.1bpa in August and close to the pre report trade expectation of 173.4bpa. Planted acres were revised up from 94.1 million acres in August to 94.9 million acres, giving production of 15.134 billion bushels, above the average trade guess of 14.986 billion bushels.
The US soybean yield was revised down from 50.9bpa to 50.1bpa and again close to the pre report guess of 50.2bpa. Planted acres were revised up slightly giving total production of 4.146 billion bushels, close to the pre report expectation of 4.152 billion bushels.
World wheat changes were pretty much in line with expectations with Argentina down 1Mt to 16.5Mt, Australia down 3Mt to 26Mt, Canada down 2Mt to 31Mt and the EU down 1Mt to 134Mt. Ukraine was revised up 1.5Mt to 22.5Mt and surprisingly Russia was left unchanged at 85Mt, well below some estimates.
Crop consultant Michael Cordonnier trimmed his soybean yield 0.5bpa, noting hot and dry conditions sped up maturation of soybeans, especially in drier areas of the western Corn Belt. That lowered his soybean production estimate to 4.08 billion bushels. Dr Cordonnier left his corn yield and production estimates at 173bpa and 15.01 billion bushels respectively, though he has a neutral to lower bias toward the crop.
Poland will reportedly extend its ban on imports of grain from Ukraine after the current European Union restrictions expire on Friday. Hungary has also reiterated that the import restrictions should be extended after 15 Sept until at least the end of the year.
According to UkrAgroConsult, Ukraine shipped 3.71Mt of agricultural goods in August, including a record 2.39Mt via the Danube.
The French Ag Ministry cut its 2023 wheat crop estimate by 0.45Mt to 35.14Mt, which would still be 4pc higher than last year and 2pc above the 5-year average.
Japan’s MAFF is seeking 118,490t milling wheat from the United States, Canada and Australia in a regular tender.
South Korea’s Nonghyup Feed Inc. seeks up to 130,000t feed wheat from optional origins.
Australia
Local trade bids were a touch softer yesterday. Grower wheat and barley bids were largely unchanged. Canola new crop bids continued to soften and pulses were mostly left unchanged.
The USDA revised Australian wheat production down 3Mt to 26Mt, barley was left unchanged at 10Mt and canola revised up 0.2Mt to 5.1Mt.
HAVE YOUR SAY