Daily Market Wire 20 June 2023

Lachstock Consulting, June 20, 2023

US markets were shut for a holiday. Winnipeg canola and ASX eastern Australia wheat gained 1pc.

  • Chicago wheat December market closed, previous settlement 715.75c/bu;
  • Kansas wheat December market closed, previous settlement 837c/bu;
  • Minneapolis wheat December market closed, previous settlement 860.25c/bu;
  • MATIF wheat December 2023 up €3/t to €248/t;
  • Black Sea wheat December market closed, previous settlement $250/t;
  • Corn September 2023 market closed, previous settlement 594c/bu;
  • Soybeans November 2023 market closed, previous settlement 1342.25c/bu;
  • Winnipeg November canola contract up C$8.40/t to $718.80/t;
  • MATIF rapeseed November 2023 down €2.25/t to €474.75/t;
  • ASX January 2024 wheat up A$4.40/t to $396.40/t;
  • ASX January 2024 barley down $5/t to $320/t;
  • AUD dollar eased 21 points to US$0.6851.


The latest European Commission MARS bulletin notes strong weather contrasts, negative impacts on crop yield expectations in several regions and the biggest downward revision expected for spring barley. Average soft wheat yield was revised down marginally from May but is still 2pc above the 5-year average. Average spring barley yield was revised down by 4pc and is now 11pc below the 5-year average. Average canola yield was revised down marginally from May but is still 6pc above the 5-year average at 3.29t/ha.

The Alberta Crop Report notes that for the week ending 13 June, soil moisture deficits remain significant, despite recent showers. Hot and dry conditions, most notably in the central, northeastern and southern regions, have resulted in some crops exhibiting signs of stress and maturing at a faster than normal rate. Crop conditions rated at 43pc good/excellent (75pc previous year, 76pc five-year avg). Spring wheat is rated at 42pc (80pc year ago), durum at 63pc (61pc), barley at 36pc (77pc) and canola at 40pc (71pc). Provincial surface soil moisture rated at 40pc poor (31pc previous week, 8pc previous year).

China Customs data showed May wheat imports at 1.2Mt, taking cumulative volume since January 2023 to 7.2Mt (+63pc from previous year), cumulative barley imports are at 4.0Mt (+19pc) and sorghum 1.6Mt (-68pc). 

Ukraine Ag. Ministry reported that as at 16 June, cumulative 2022-23 grain exports totalled 47.7Mt, just shy of the 47.9Mt exported over the same period a year ago, including wheat at 16.3Mt (18.6Mt), barley at 2.7Mt (5.7Mt) and maize at 28.2Mt (22.9Mt). 

Ukraine Ag. Ministry also reported that as at 16 June, 2023-24 spring planting was at 12.9Mha (13.4Mha previous year), including spring wheat on 271,100ha (191,100ha previous year), maize on 4.0Mha (4.6Mha) and spring barley on 810,000ha (951,400ha). Sunflowerseed sowings complete on 5.3Mha (4.7Mha) and soybeans on 1.8Mha (1.2Mha). 

Algeria’s OAIC has reportedly purchased 400 000 tonnes of milling wheat with supplies expected to be sourced largely from Russia. Around 300,000t was bought at around $261.50/t c&f & 100,000t with the highest price reportedly at $264.50/t.


Local markets started the week slightly firmer on both current and new crop. New crop wheat markets were bid a few dollars stronger. Canola was again the shining light, with bids firmer and more liquidity continued to trade. East coast port values were around $670/t and some buyers had reached their tonnage limits by the end of the day. 

The 8-day forecast has rainfall building, with a wider area of NSW now expected to see 5-15mm with some isolated falls of up to 25mm expected in the northeast and southeast. SA is now expected to pick up a widespread 10-25mm that will extend into Vic. WA is looking at 5-15mm and unfortunately Qld is still looking at a dry week ahead. 


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 -