Daily Market Wire 15 August 2023

Lachstock Consulting, August 15, 2023

Canola and rapeseed diverged. Wheat markets eased, soybean firmed and corn marked time.

  • Chicago wheat December down US12.25 cents per bushel to 641.5c/bu;
  • Kansas wheat December down 6.75c/bu to 759.25c/bu;
  • Minneapolis wheat December down 10.25c/bu to 820c/bu;
  • MATIF wheat December down €5.75/t to €242.25/t;
  • Black Sea wheat was not quoted, previous settlement was December at US$249.25/t;
  • Corn December up 0.5c/bu to 487.75/bu;
  • Soybeans November up 18.5c/bu to 1326c/bu;
  • Winnipeg November canola contract up C$8.90/t to $770.80/t;
  • MATIF rapeseed November 2023 down €9/t to €447.25/t;
  • ASX January 2024 wheat up A$3.50/t to $415/t;
  • ASX January 2024 barley up A$1/t to $348/t;
  • AUD dollar eased 7 points to US$0.6488.


Russian consultancy IKAR revised upward its wheat crop estimate again by 1.5Mt, now seen at 89.5Mt, reflecting higher yields in central and Volga regions. 

According to Ukraine’s Ag. Ministry, as at 11 August, 2023-24 wheat harvest has yielded 17.7Mt from 82pc of total area, with average yields at 4.6t/ha, barley at 4.9Mt from 85pc of area with average yields at 3.9t/ha and rapeseed at 3.7Mt from 92pc with average yields at 2.5t/ha.

Ukraine’s total grain exports from 1 July to 14 August totalled 3.12Mt, up 18pc from last year, including 1.48Mt corn, down 16pc from last year, 1.3Mt of wheat (+90pc from last year) and 385,000t barley (+70pc from last year). 

The Alberta Crop Report noted that the past 30 days featured close to average rainfall across the province, with scattered rains helping to slow down crop maturing and stabilise crop conditions. As at 8 August, spring wheat condition was rated at 45pc good/excellent (45pc fortnight ago, 77pc year ago), durum at 32pc (30pc, 46pc), barley at 40pc (42pc, 71pc) and canola at 42pc (42pc, 69pc). 

US private exporters reported sales of 416,000 tonnes of soybeans for delivery to unknown destinations during the 2023-24 marketing year.


Local markets started the week steady and largely unchanged. Current crop wheat continued to trade in system for milling wheat and delivered back into the ports. New crop wheat markets were left unchanged by the day’s end with the softer AUD assisting in some buying activity. Barley remains the focus while canola has been on the quiet side for new and current crop.

Weekly rainfall totals up to yesterday now stand at around 10-25mm across southern/south eastern WA, eastern SA, parts of eastern Vic and southern NSW. The northern half of NSW and Qld remained dry. The forecast now has some rainfall building in northern NSW and although it is not much it will be closely watched, and southern cropping zones are looking at more showers.

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