Wheat continued to ease. Soybeans and rapeseed gained 1 percent.
- Chicago May 2024 wheat down 8.25c/bu to 559c/bu;
- Kansas May 2024 wheat down 8.5c/bu to 561.5c/bu;
- Minneapolis May 2024 wheat down 3.25c/bu to 655.5c/bu;
- MATIF wheat May 2024 down €1.50/t to €198.25/t;
- Black Sea wheat futures has not quoted since 11 August 2023;
- Corn May 2024 down 0.25c/bu to 429.25c/bu;
- Soybeans May 2024 up 10.25c/bu to 1176.25c/bu;
- Winnipeg canola May 2024 down C$10.70/t to C$587.70/t;
- MATIF rapeseed May 2024 up €6/t to €427.50/t ;
- ASX March 2024 wheat down A$5.50/t to $342/t;
- ASX May 2024 wheat down A$4/t to $347/t;
- ASX March 2024 barley unchanged at A$298.50/t;
- ASX May 2024 barley unchanged at A$304.50/t;
- AUD dollar up 8 points to US$0.6533
International
Ukrainian forces retreated from the key city of Avdiivka over the weekend, giving Russia its first significant victory since Bakhmut nearly a year ago. Russia’s Defence Minister said on Saturday that Russian forces have taken complete control of the city.
Buenos Aires Grain Exchange reported that for the week ending 14 Feb, there was widespread rainfall across many agricultural areas, helping to improve or stabilise 2023-24 crop conditions. Soybean rated at 81pc fair/excellent (78pc week before, 47pc previous year), maize 83pc fair/excellent (85pc, 55pc,). Sorghum planting has finished but conditions are said to vary owing to earlier challenging conditions in key areas.
FranceAgriMer reported that as at 12 Feb, 2024-25 common wheat sowing was 100pc complete, with 68pc of crops in good/excellent condition (68pc previous week, 93pc previous year) and winter barley seeding also complete was rated at 71pc good/excellent (72pc, 92pc). Durum plantings at 89pc complete (88pc, 97pc) had conditions rated 75pc good/excellent (66pc, 93pc). 2024-25 spring barley fieldwork done on 20pc of intended area.
Canadian Grain Commission data shows that for the week ending 11 Feb, cumulative all-wheat exports are at 13.3Mt (-3pc on previous year), including durum at 1.8Mt (-40pc) and other wheat at, 11.5Mt (+8pc). Barley exports are at 1Mt (-48pc) and canola exports at 3.2Mt (-32pc).
Egypt’s GASC reportedly purchased 180,000 tonnes of wheat, including 120,000 tonnes from Ukraine and 60,000 tonnes from Romania, at $255/t c&f, for Apr shipment.
Australia
All wheat markets were caught up in the Friday sell offer after the bearish USDA Outlook numbers. Public bids were down $8/t for the day, following the offshore move with growers effectively shutting up shop, all but stalling wheat liquidity. The sell off also saw the BAR1 spread to ASW1 narrow close to evens in Vic.
More rain is on the way this week for central/southern Qld (5-25mm), eastern NSW (5-50mm) and eastern Vic (5-25mm). Western Vic and SA are looking at a dry week. WA finally has some rain on the forecast this week with a band stretching from the northern cropping zones, into central and southeast with 10-25mm expected. Although it will be very welcome, much more rain is needed to offset the prolonged hot and dry conditions.
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