Canola rallied three percent.
- Chicago December 2024 down US3.5 cents per bushel to US560c/bu;
- Kansas Dec 2024 wheat up 1.5c/bu to 579c/bu;
- Minneapolis Dec 2024 wheat up 8.75c/bu to 620.25c/bu;
- MATIF wheat Dec 2024 down €0.50/t to €223.25/t;
- Corn Dec 2024 down 6.75c/bu to 405c/bu;
- Soybeans Nov 2024 up 2c/bu to 1043c/bu;
- Winnipeg canola Nov 2024 up C$18.20/t to C$649.70/t;
- MATIF rapeseed Nov 2024 up €13/t to €494.25/t;
- ASX Jan 2025 wheat unchanged at A$340/t;
- ASX Jan 2025 barley unchanged at $A303.90/t;
- AUD dollar down 23 points to US$0.6706.
International
Japan bought 115kt milling wheat overnight as part of its regular weekly tender, with 55kt coming from the US and 60kt from Canada.
South Korea millers bought 40kt US milling wheat overnight for delivery in FH Oct.
Chinese customs reported that June corn imports were down 50pc from the same time last year with 920kt imported. June wheat imports were up 44pc y-o-y with 1.19Mt imported.
A lack of any major policy shift in China weighed on sentiment for most commodities as China’s Third Plenum failed to provide any details on further stimulus measures.
Agricultural consultant APK cut its Ukraine soybean production estimate by 2pc to 5.9Mt and cut sunflower seed output 1pc to 14.4-14.5Mt on the back of hot weather.
Cargill announced that works on its new crush plant in Saskatchewan Canada were more than 50pc complete and anticipated opening in 2025 (original planned start date 2024). The plant will have the capacity to crush a million tonnes of canola a year.
The International Grains Council (ICG) increased its estimate of world grain production. It forecast coarse grains production 8Mt higher in 24/25 to record 2,321Mt, 1pc higher than last year.
Australia
Prices were up slightly in the west yesterday. The biggest mover was a $33/t increase in nearby canola in the Geraldton port zone. New season GM canola bid increased $18/t higher than Wednesday, although the spread to non-GM remains still -$90/t in most port zones.
Wheat and barley bids for new crop in the west were unchanged yesterday and nearby was +$5/t firmer in most regions.
In the east it was a similar story, with nearby canola bids up +$17/t for both GM and non- GM, with similar gains made in new season. Wheat and barley were largely unchanged for both new and old season.
More rain fell overnight and yesterday. Large sections of WA southwest received good rain. Up to 50mm fell in some coastal regions and stretched as far up as Geraldton. Further inland falls of between 1-25mm were recorded. Patchy showers across most of SA, Vic and parts of NSW cropping regions brought somewhere between 1-10mm.
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