Daily Market Wire 2 February 2024

Lachstock Consulting February 2, 2024

Markets were mixed. The oilseeds eased.

  • Chicago March 2024 wheat up US6.25c/bu to 601.5c/bu;
  • Kansas March 2024 wheat down 1.25c/bu to 620.75c/bu;
  • Minneapolis March 2024 wheat up 3.75c/bu to 696c/bu;
  • MATIF wheat March 2024 up €1.75/t to €212.50/t;
  • Black Sea wheat futures has not quoted since 11 August 2023;
  • Corn May 2024 down 0.25c/bu to 458.25c/bu;
  • Soybeans May 2024 down 19c/bu to 1213.75c/bu;
  • Winnipeg canola May 2024 down C$9.60/t to C$608.40/t;
  • MATIF rapeseed May 2024 down €5.75/t to €422.50/t ;
  • ASX March 2024 wheat up A$3/t to $370/t;
  • ASX March 2024 barley unchanged at A$298.50/t;
  • AUD dollar up 6 points to US$0.6573


Farmers in the EU continue to voice their grievances with government around the impact to drive climate change as well as opening the door to cheap imports from the Ukraine to help the war effort. Protestors have continued to blockade with tractors across the country with the government announcing measures to try and quell anger. There are reports of disruption to supply chain and increased logistical costs as a result. 

Canadian wheat shipments are well ahead of average pace from the past three years, with record pace being reported coming from licenced export facilities. 

With Russia deploying three times as much firepower on the front, the Ukraine has issued a warning to its allies, advising that it now faces a critical shortage of artillery shells. With the shortage growing worse, the Defence Minister Rustem Umerov urged his European allies to do more to meet their pledge. 

USDA NASS reported yesterday the smallest US cattle inventory since 1951 with calf numbers the smallest on record. Further reductions are expected.


Eastern values were a touch softer yesterday although they have been in a solid range of A$5-10/t for the last two weeks. 

The softer AUD late in the day helped build some confidence. This did not translate to significant sales. 

Exports continue to pull ASW1 to port which is pulling grain from consumers who are at this stage comfortable with coverage. 

WA wheat values held up well yesterday given the weakness in offshore futures and lower global FOB values. Some exporter buying came in late in the day as the AUD pushed toward recent lows, values in Kwinana for APW1 were around $410/t FIS & H1 $425. Feed barley has improved since last week and remains at $345-$350/t FIS levels for the Kwinana port zone. Best bids for canola (CAN) held steady at $675/t FIS, with some demand for GM canola at a significantly improved $10/t discount.


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