Daily Market Wire 20 June 2024

Lachstock Consulting June 20, 2024

MATIF wheat and rapeseed firmed 1 percent. US markets were closed.

  • Chicago December 2024 wheat previous close was US623.25c/bu;
  • Kansas Dec 2024 wheat previous close was 627.75c/bu;
  • Minneapolis Dec 2024 wheat previous close was 659.5c/bu;
  • MATIF wheat Dec 2024 up €2/t to €238.50/t;
  • Corn Dec 2024 previous close was 467.75c/bu;
  • Soybeans Nov 2024 previous close was 1132c/bu;
  • Winnipeg canola Nov 2024 up C$2.30/t to C$628.40/t;
  • MATIF rapeseed Nov 2024 up €4.50/t to €474.75/t;
  • ASX Jan 2025 wheat down A$2/t to $359/t;
  • ASX Jan 2025 barley unchanged at $303.90/t;
  • AUD dollar up 17 points to US$0.6673.


Brazil’s Mato Grosso Institute of Agricultural Economics estimates May crush volumes at a record 1.2 million tonnes (Mt), up 20 percent year on year, and around 95pc of industry capacity. The cumulative year-to-date crush is at 5.4Mt, up 14pc.

The Brazilian vegetable oils industry association Abiove cut its 2023-24 soybean production forecast by 1.4Mt to 152.5Mt, against 154.6Mt in the previous year. With outlooks for processing and exports unchanged, ending stocks were revised 1.2Mt lower to 4.1Mt vs 3.3Mt last year, and soymeal and oil production and exports estimates are unchanged.

In Canada, the Manitoba Agriculture, Food and Rural Development Crop Report for the week ending June 18 notes variable rainfall was recorded, with isolated heavy rain, storms, strong winds and hail in several regions. Despite the weather, seeding progressed throughout much of the province, now estimated at 97pc complete vs 100pc a year ago, including spring wheat at 99pc, barley at 98pc, and canola at 96pc. Although fieldwork has been completed in most regions, some additional area is being planted where there is excess moisture, while hail and strong winds are reported to have caused some crop damage.

India’s Meteorological Department reports that as at June 18, cumulative June rainfall is estimated to be 20pc below the long-term average, with excessive or normal rainfall recorded at 39pc of monitoring stations.

Russia’s Rosstat estimates that at the end of May, grain stocks held by agricultural organisations totalled 13.4Mt vs 15.6Mt in the previous year, including wheat at 8.2Mt vs 9Mt and corn at 1.5Mt vs 1.7Mt. Oilseed stocks are estimated at 1.6Mt vs 2.4Mt, with sunflowerseed at 700,000t vs 1.3Mt.

Thailand Feed Millers Association reportedly purchased up to 60,000t of feed wheat from optional origins in yesterday’s tender at US$267/t for Aug-Dec shipment.


Overnight rain in South Australia and western Victoria is very welcome and continuing into today, but totals are not expected to be game-changers; if showers keep on over the coming week as forecast, they will certainly make a difference. The forecast for Western Australia is building, with a widespread 10-25mm now expected. Southern New South Wales is still looking at less than 10mm and northern NSW and Queensland less than 5mm.

The ASX January 2025 wheat contract lost another $2/t by the end of yesterday and is now at $359/t, the lowest it has been since April, reflecting both offshore weakness and rain where it is needed most.

Line-ups data this weeks shows 2.39Mt of total grain on the stem, up slightly from last week. Wheat was largely unchanged. moving slightly from 1.13Mt to 1.1Mt, barley added 1000t to hit 662,000t, canola moved up from 476,000t to 487,000t and sorghum went from 107,000t to 142,000t. Wait times at Australian grain ports largely increased last week, with overall average wait time less than 11 days. There are currently eight vessels anchored and four loading.

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