Daily Market Wire 18 May 2023

Lachstock Consulting, May 18, 2023

Offshore markets fell sharply last night.

  • Chicago wheat December 2023 contract down US21.25 cents per bushel to 655.75c/bu;
  • Kansas wheat December 2023 down 12c/bu to 864c/bu;
  • Minneapolis wheat December 2023 down 21.75c/bu to 859c/bu;
  • MATIF wheat December 2023 down €7/t to €231/t;
  • Black Sea wheat December 2023 down US$2/t to $274.50/t;
  • Corn July 2023 contract down US19.75c/bu to 561.5c/bu;
  • Soybeans July 2023 contract down 27c/bu to 1337c/bu;
  • Winnipeg canola July 2023 contract down C$15.10/t to $714.10/t;
  • MATIF rapeseed August 2023 down €9.75 to €396.50/t;
  • ASX January 2024 wheat contract down A$1/t to $389/t;
  • ASX January 2024 barley contract up $4.70 to $322.50/t;
  • AUD dollar firmer at US$0.6661.


The Ukraine Black Sea grain deal has been extended for two more months, in what UN Secretary-General Antonio Guterres hailed as “good news for the world”. Turkish President Tayyip Erdogan announced the extension in a televised speech and it was later confirmed by Russia, Ukraine and the United Nations.  No new vessels have been authorised by the Black Sea Grain Initiative Joint Co-ordination Centre since May 4.

The US Wheat Quality Council, reports that on the first day of the annual spring wheat crop tour, based on samples from 318 fields, 2023-24 HRW wheat average yields in northern Kansas projected at 29.8bu/acre, the lowest since 2003, and well below 39.5bu/ac a year ago and the five-year average of  43.4bu/ac. Additionally, agronomists at the Kansas State University stated that fields in the north-central parts of the state had suffered more damage than expected from cold winter weather.

According to the Manitoba Agriculture, Food and Rural Development crop report for the week ending May 16, variable rainfall was recorded across the province, with the highest totals in the Northwest and Southwest regions. Favourable warmer conditions and adequate soil moisture levels helped to accelerate planting operations and were expected to aid crop emergence. Sowings for 2023-24 are estimated at 25pc complete compared to the five-year average of 63pc. Limited canola area has been planted to date, and is estimated at 8pc complete, as producers concentrate on other crops, including wheat, maize and peas.

Buenos Aires Grains Exchange has pegged Argentina’s 2023-24 wheat production at 18 million tonnes (Mt), up from 12.4Mt in 2022-23, over 6.3 million hectares, 200,000ha more than last year. Wheat exports are projected at 11.2Mt, up from 5.5Mt  in the current year.

Brazil’s ANEC has lifted its May soybean export 300,000t to 15.7Mt, up 53pc from May last year. Soymeal exports were raised by 200,000t to 2.6Mt, up 38pc from the previous year.

US private exporters reported the cancellation of another 272,000t of corn sales to China during the 2022-23 marketing year, taking total cancellations to 1.1Mt since April 24.


Local markets remained relatively steady yesterday. Canola bids continued to bounce around, with current crop down another $A20-25/t through Victoria.

The eight-day forecast is looking dry for Queensland, most of New South Wales and Western Australia. Vic has 5-25mm on the radar which it could probably do without this week, and parts of South Australia are looking at 5-15mm. Southern Qld and parts of northern NSW have picked up the best rainfall totals for the week, while WA’s cropping regions picked up less than 10mm.


Grain Central: Get our free news straight to your inbox – Click here


Your email address will not be published. Required fields are marked *

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.


Get Grain Central's news headlines emailed to you -