Daily Market Wire 17 October 2023

Lachstock Consulting, October 17, 2023

Monday markets settled barely changed from previous Friday. The US dollar index eased and the Dow Jones Industrials Average gained 1 percent.

  • Chicago wheat December down US2.5c/bu to 577.25c/bu;
  • Kansas wheat December down 0.25c/bu to 668.75c/bu;
  • Minneapolis wheat December up 6.75c/bu to 728.75c/bu;
  • MATIF wheat December unchanged at €237.25/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December down 3.25c/bu to 490c/bu;
  • Soybeans May 2024 up 5.75c/bu to 1331.75c/bu;
  • Winnipeg canola November up C$3.20/t to C$723.20/t;
  • Winnipeg canola May 2024 up C$2.50/t to $736/t
  • MATIF rapeseed November 2023 down €1.25/t to €424.25/t;
  • MATIF rapeseed May 2024 down €0.75/t to €450.25/t;
  • ASX January 2024 wheat up A$4/t to $407/t;
  • ASX January 2024 barley unchanged at A$335/t;
  • AUD dollar up 46 points to US$0.6342


Israeli forces kept up their attacks on Gaza yesterday after attempts to arrange a ceasefire to allow foreign passport holders to leave and aid to be brought into the area failed. 

According to Ukraine’s Agriculture Ministry Ukraine may run out of grain-storage space within several weeks unless the export pace picks up. Ukraine hasn’t been able to increase shipments via the Danube because of Russian attacks. So far, almost 25 ships have entered Ukraine’s Black Sea ports since mid-September as a part of new safe corridor, collecting almost 1Mt of grain. 

Ukraine’s cumulative 2023-24 exports for the week ending 13 October are 7.6Mt, down 28pc compared to last year, including wheat at 3.8Mt (near unchanged), maize at 2.9Mt (down 49pc) and barley at 0.6Mt (down 28pc). 

Romania’s Ag. Ministry reported it adopted an emergency decree regulating imports of wheat, maize, sunflowerseed and rapeseed from Ukraine. Under the new mechanism, which has been agreed with local farmers and Ukrainian authorities, imports would only be permitted for local farmers and processors for the replenishment of their stocks. Furthermore, only commodities with ANSVSA certificates ensuring compliance with sanitary, veterinary and food safety rules will be allowed for processing or feed use.

The Alberta Crop Report noted that for the week ending 10 October the 2023-24 spring wheat harvest was 98pc complete, barley was 99pc and canola at 87pc (98pc previous year). Dry and warm conditions assisted harvest progress, with harvest in southern regions now virtually complete. 

US private exporters reported the sale of 200,000t corn to Mexico during the 2023-24 marketing year and 183,000t soybean cake and meal for delivery to The Philippines. 

Bangladesh seeks 50,000t wheat (30 Oct tender), where 60pc of shipments must be supplied through Chattogram Port and 40pc through Mongla Port.


Local markets were mixed yesterday with canola firming to A$687/t track following offshore rallies, while wheat was a little less active as ASX lost $1/t to settle the day at $406/t. Harvest continued in northern NSW & Qld with varied results. Malt barley premiums are being eroded as the selection rates are proving to be better than expected. 

Rainfall received over the last 24 hours throughout Vic and southern NSW was generally as expected, making decent totals received over the last couple of days. The outlook for the next 8 days is dry for all cropping regions with temps expected to pick up again through the back half of the week after plummeting yesterday across southern cropping regions.


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