Matif rapeseed and Brent crude gained 2pc. US wheats eased. Matif and ASX firmed.
- Chicago wheat December down US3.5c/bu to 593.75c/bu;
- Kansas wheat December down 8.25c/bu to 736.5c/bu;
- Minneapolis wheat December down 4c/bu to 783.5c/bu;
- MATIF wheat December up €4/t to €242/t;
- Black Sea wheat has not quoted since 11 August;
- Corn December down 1.75c/bu to 480.5c/bu;
- Soybeans November up 10.75c/bu to 1360.5c/bu;
- Soybeans May 2024 up 9c/bu to 1390.75c/bu;
- Winnipeg November canola up C$3.50/t to $758.80/t;
- Winnipeg May 2024 canola up C$4.30/t to $777.90/t;
- MATIF rapeseed November 2023 up €15/t to €446.25/t;
- MATIF rapeseed May 2024 up €8.50 to €470.50/t;
- ASX January 2024 wheat up A$6.50/t to $432/t;
- ASX January 2024 barley unchanged at A$360/t;
- AUD dollar gained 19 points to US$0.6441.
India took the wind out of the wheat bulls’ sails by indicating they would not be removing the wheat import tax anytime soon. They also indicated they would be releasing government reserve inventory. Government stocks in India are near all-time lows for this time of the year post their harvest
Argentina’s wheat crop is a hard one to peg. Big variability across the belt is clearly creating a challenge with the Rosario exchange dropping their wheat estimate by 600kmt to 15mmt (USDA 16.5mmt) while BAGE actually increased their crop condition rating post some rain
Local markets continued to firm with new-crop wheat markets up a further A$5-8/t across the boards. ASX Jan East Coast wheat traded at $430/t and barley was around $478-480 for Jan plus delivering into the Darling Downs. Prices continue to firm on the back of the dry outlook on the forecast for the remainder of September with warm conditions and still a lack of grower selling.
The forecast maps for any rain for in the back end of September do not look positive, but parts of the Western Australian cropping regions received timely rain. Temperatures have ramped up in eastern and South Australia