US markets continued easier and rapeseed firmer. The US dollar index maintained its previous day rally and the Australian dollar eased another half percent.
- Chicago March 2024 wheat up 0.5c/bu to US582.5c/bu;
- Kansas March 2024 wheat down 7.5c/bu to 594c/bu;
- Minneapolis March 2024 wheat down 10.5c/bu to 680.25c/bu;
- MATIF wheat March 2024 up €2/t to €216.50/t;
- Black Sea wheat futures has not quoted since 11 August 2023;
- Corn May 2024 down 1.5c/bu to 453.75c/bu;
- Soybeans May 2024 down 20.25c/bu to 1218.25c/bu;
- Winnipeg canola May 2024 down C$2.90/t to C$633.50/t;
- MATIF rapeseed May 2024 up €2.25/t over two days to €429.50/t ;
- ASX March 2024 wheat down A$4.40/t to $366.60/t;
- ASX March 2024 barley down A$10/t over two days to $298.50/t;
- AUD dollar down 32 points to US$0.6552
International
Iran has declared it wants to restore maritime security in the Red Sea, not escalate the dispute, with a top minister saying attacks on ships there would stop if Israel halted military operations in Gaza. Meanwhile, Iran has admitted to carrying out missile and drone attacks on western Pakistan which have reportedly killed two children and injured three others.
The top and tail of Brazilian soybean estimates have seemingly grown wider, with the added complexity surrounding quality having far reaching impacts. While the later season beans are receiving much-needed rain, there is now concern that the hot and wet conditions could adversely affect quality.
Egypt tendered for wheat with reports that offers from France were similar to Russian values.
China’s economy is forecast to slow well below five per cent growth this year as Xi Jinping battles high debt, a housing crisis and an ageing population. There are reports that the population of China fell by two million last year, driven by COVID deaths and a slowing birth rate.
Australia
Wheat values in WA ended a touch softer yesterday, but overall, demand from the major exporters remains robust and the spread for H1 is slowly starting to widen again. APW1 in Kwinana values are $406/t FIS, H2 $410/t and H1 at $425/t.
APW1 Vic track prices relaxed late yesterday to $362/t reflecting some slower demand profile.
Canola values were unchanged with CAN at $700/t FIS and CAG at $660/t, for Kwinana port zone. PKE firmed again pushing to $615/t track, but still not releasing grower selling.
Patchy falls were registered in the east over the last 24 hours. Inland parts of NSW saw hit and miss accumulation ranging from 5-50mm. Most of western Vic recorded 15-25mm.
HAVE YOUR SAY