Daily Market Wire 16 November 2023

Lachstock Consulting, November 16, 2023

Canola gained a little. All other markets eased.

  • Chicago December wheat down US11.5c/bu to 560.5c/bu;
  • Kansas December wheat unchanged at 639.75c/bu;
  • Minneapolis Dec wheat up 0.75c/bu to 735.25c/bu;
  • MATIF wheat Dec down €3.50/t to €228.25/t;
  • Black Sea wheat futures has not quoted since 11 August;
  • Corn December down 7.5c/bu to 470.75c/bu;
  • Soybeans May 2024 down 1.75c/bu to 1410.75c/bu;
  • Winnipeg canola May 2024 up C$5.10/t to C$728.50/t;
  • MATIF rapeseed May 2024 down €3.50/t to €448/t;
  • ASX January 2024 wheat down A$1/t to $391/t;
  • ASX January 2024 barley unchanged at A$335/t;
  • AUD dollar unchanged at US$0.6508.


Russia’s Ag Ministry reported that as at 14 Nov, sowing of 2024-25 winter grains reached 18.5 million hectares (Mha), (92pc of intended area), including winter wheat on 16.8Mha (+9pc y/y) and winter barley on 675,800ha. Rapeseed plantings done on 543,900ha. Harvest of 2023-24 maize was 69pc complete, yielding 12 million tonnes (Mt). Soybean harvest was 93pc complete, yielding 6.6Mt and sunflower seed harvest 87pc complete, yielding 15.3Mt. 

Brazil grain exporter association ANEC trimmed its November soybean export forecast by 0.1Mt to 5.2Mt (1.9Mt previous year), trimmed its maize export forecast by 0.1Mt, to 8.3Mt (5.5Mt) and increased soymeal by 0.1Mt, to 2.4Mt (1.3Mt). 

According to European Commission data for the week ending 12 Nov, cumulative all-wheat exports at 11.1Mt are down 22pc from previous year and imports are at 4.5Mt, up 42pc. Barley exports are at 3.6Mt, down 8pc and canola imports are at 1.9Mt, down 31pc. 

Jordan’s state grain buyer has issued an international tender (21 Nov) to buy up to 120,000t milling wheat from optional origins.

US private exporters reported sales in the past week of 124,000t of 2023-24 marketing year corn to Japan.


After finding some strength on Tuesday, local markets ended the day a touch softer yesterday. The ASX eastern Australia Jan 24 wheat contract settled $1/t lower at $391/t as headers continue to roll.

Storms have brought patchy rainfall totals of between 15-50mm over the last week across WA’s central and southern grain belt. Good conditions are expected for the coming week which will allow progress to ramp back up. Significant rainfall 50-100mm is expected from this weekend across summer cropping regions of Qld which will be very welcome as harvest of winter crops is pretty much complete. NSW is also in for a widespread 25-50mm with a race against the clock to get as much harvested as possible ahead of the rain.


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