Daily Market Wire 19 October 2023

Lachstock Consulting, October 19, 2023

Markets firmed except canola and nearby rapeseed which eased about 1 percent.

Editor’s note: Since late last week CME settlement prices publication has been later than usual. Today CME wheat, soybeans and corn settlements website pages updated around 2030 Illinois time (1230 AEDT).

  • Chicago wheat up US9.75c/bu to 580.25c/bu;
  • Kansas December wheat up 3.75c/bu to 670.5c/bu;
  • Minneapolis wheat up 5c/bu to 733.5c/bu;
  • MATIF wheat Dec up €4.50/t to €240.50/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December up 3c/bu to 492c/bu;
  • Soybeans May 2024 up 9.25c/bu to 1351.25c/bu;
  • Winnipeg canola November down C$7.50/t to C$711.70/t;
  • Winnipeg canola May 2024 down C$4.30/t to $729.10/t
  • MATIF rapeseed November 2023 down €1/t to €419/t;
  • MATIF rapeseed May 2024 up €4.75/t to €456.25/t;
  • ASX January 2024 wheat down A$2/t to $404/t;
  • ASX January 2024 barley up A$2/t to $335/t;
  • AUD dollar down 29 points to US$0.6337


A spokeswoman for the US National Security Council said yesterday that their current assessment, based on analysis of overhead imagery, intercepts and open-source information, is that Israel was not responsible for the strike on the Gaza hospital and that it appears that it was indeed a misfire from Palestinian fighters. Protests continue across the Middle East the over the hospital blast.

Ukraine used newly acquired US long range missiles to strike two air bases in Russian occupied territory on Tuesday, reportedly damaging runways and destroying nine helicopters, an antiaircraft missile launcher and an ammunition depot. 

More than 30 vessels have called at ports in the Greater Odesa region since the new export corridor took effect in mid-September, ship-tracking data compiled by Bloomberg shows.

The Manitoba Crop Report for the week ending 17 October notes that harvest operations remained interrupted by rainfall across the province, with 2023-24 harvest 90pc complete (86pc average), including spring wheat at 99pc and canola at 94pc.

Brazil’s vegetable oils industry association (ABIOVE) has pegged 2023-24 soybean production at a record 164.7Mt, higher than the country’s national agricultural agency Conab October forecast of 162.0Mt. Exporter association ANEC trimmed its October soybean export forecast by 0.4Mt to 6.4Mt (3.5Mt Oct last year) and trimmed its maize exports by 0.6Mt, to 8.5Mt (6.1Mt previous year). 

Chinese customs data show September maize imports were 3.9Mt, with cumulative Jan-Sept imports at 16.5Mt (-10pc year on year). Wheat imports at 620,000 tonnes brings the cumulative total to 10.2Mt, up 53pc from last year, and barley at 1.0Mt, bring its cumulative total to 7.2Mt, up 83pc. 

US private exporters reported sales of 132,000 tonnes of soybeans to China for shipment during the 2023-24 marketing year. 

South Korea’s Nonghyup Feed Inc. reportedly purchased 60kt of feed wheat from optional origins in an international tender on Wednesday at an estimated $272/t c&f.


Local markets were a mixed bag yesterday as they make sense of the break which occurred last week. Prices from Brisbane in the north down to Port Kembla are essentially back to where they started while markets in Geelong and Melbourne remain sluggish and it is hard to find a bid. From a grower bid perspective this has driven the Pt Kembla premium to $30/t over Geelong. 

Barley markets have been less dynamic with volumes lacking liquidity. Port Adelaide grower bids remain under $330/t while Downs feed markets are still supported above $460/t January. A price spread such as that makes the movement from the northern receival sites in the Pt Adelaide zone very close to working to the Darling Downs, depending on truck, freight or rail rates. 

In years with around 16Mt of Australian wheat exports, the Asian market usually takes around 50-55pc. However, with China already booking around 1.5Mt of new crop this percentage may end up being significantly higher.
Line ups data has currently 2.3Mt of total grains on the stem for October, including 1.19Mt of wheat, 693kt of barley, 382kt of canola and 40kt sorghum. Port congestion is currently mixed. There has been a decrease in wait times for Esperance (-4 days), Geraldton (-3 days) and Wallaroo (-5 days) and an increase in Geelong (+3) and Kwinana (+1).


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