Daily Market Wire 16 April 2024

Lachstock Consulting, April 16, 2024

Offshore markets eased overnight.

  • Chicago December 2024 wheat down US2.5c/bu to 607.25c/bu
  • Kansas December 2024 wheat down 6c/bu to 610.75c/bu
  • Minneapolis December 2024 wheat down 5.5c/bu to 670.5c/bu
  • MATIF wheat December 2024 unchanged at €222.75/t;
  • Corn December 2024 down 2.75c/bu to 469.25c/bu;
  • Soybeans November 2024 down 9c/bu to 1167.25c/bu;
  • Winnipeg canola November 2024 down C$11.20/t to $645.80/t
  • MATIF rapeseed November 2024 down  €4.75/t to €464.25/t
  • ASX May 2024 wheat unchanged at A$327/t;
  • ASX January 2025 wheat up A$4/t to $349/t
  • ASX May 2024 barley up A$4/t to $304/t;
  • ASX January 2025 barley up A$4/t to $316.50/t
  • AUD dollar down 24 points to US$0.6442.


According to World Weather Inc, the extreme heat that moved into the central US last weekend will continue during the first half of this week. A cooling of temperatures forecast for the second half of this week isn’t expected to be as cold as earlier forecast. Most crop regions in the US will receive some rains over the next 10 days, although west central Hard Red Winter wheat areas will stay relatively dry.  

Agribusiness consultancy Safras & Mercado revised upward its 2023-24 Brazil soybean production forecast by 2.6Mt, to 151.2Mt (Conab 146.5Mt), reflecting higher area. It also increased forecast total maize production by 0.3Mt, to 126.1Mt (111Mt). 

The US National Oilseed Processors Association data released on Monday showed US soy crush was record high in March at 196.4 million bushels, beating the average analyst estimate of 194.87 million bushels and 6pc higher than the March 2023 185.8 million bushels crush. Soybean oil stocks stood at 1.851 billion pounds, unchanged from a year ago and above expectations of 1.798 billion pounds.  

According to APK-Inform, Ukraine’s oilseed production is likely to fall by around 3pc this year to 21Mt mostly due to a smaller sunflower seed crop. Sunflower seed output may decrease 5pc to 12Mt and rapeseed production could decline by 5pc to 4Mt, while soybeans could rise 4pc to around 5Mt. 

Ukraine’s Ag. Ministry reported that as at 12 April, cumulative 2023-24 grain exports reached 37.3Mt (36.8Mt previous year), including wheat at 14.7Mt (13.5Mt), barley at 2.1Mt (2.3Mt) and maize at 20.4Mt (22.9Mt). 

US private exporters reported sales of 165kt of corn for delivery to Mexico. Of the total, 135kt is 2023-24 marketing year and 30kt is for delivery during the 2024-25 marketing year.


Winter crop planting is now underway in all states. Good early progress is being made on canola with growers making the most of the moisture in the eastern states. Despite WA remaining very dry, planting is underway with growers dry seeding in the hope that they will receive an autumn break. If it remains dry, planting intentions may fall short, but the latest 3-month BOM outlook released last week tipped conditions to start to improve in May. June is likely to see average to above average rainfall in all states.

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Error: the editor’s transcription of yesterday’s Australian currency movement was wrong in the Daily Market Wire of 15 April 2024. It has been corrected.


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