Daily Market Wire 20 March 2024

Lachstock Consulting, March 20, 2024

Winter wheats firmed more than 1 percent. Other markets followed.

  • Chicago December 2024 wheat up US8.5c/bu to 602.5c/bu
  • Kansas December 2024 wheat up 8.25c/bu to 603.25c/bu
  • Minneapolis December 2024 wheat up 4.25c/bu to 684.25c/bu
  • MATIF wheat December 2024 up €3/t to €217.50/t;
  • Corn December 2024 up 2.5c/bu to 473.25c/bu;
  • Soybeans November 2024 up 0.75c/bu to 1181.25c/bu;
  • Winnipeg canola November 2024 up C$3.10/t to $650.30/t
  • MATIF rapeseed November 2024 up €2.50/t to €450.50/t
  • ASX May 2024 wheat up A$5/t to $325/t;
  • ASX January 2025 wheat up A$5.50/t to $339.50/t
  • ASX May 2024 barley unchanged at A$294.50/t;
  • ASX January 2025 barley unchanged at A$296.30/t
  • AUD dollar down 29 points to US$0.6531.


Brazil’s Conab reports that as at 17 March, 2023-24 soybean harvest was 62pc complete (63pc previous year), with reduced rainfall in Mato Grosso aiding fieldwork. Rainfall aided crop development in Paraná and Rio Grande do Sul, although plant disease remained a concern in the latter. Primary (full-season) maize harvest was 37pc complete (35pc), with fieldwork most advanced in Paraná, while conducive dry conditions were reported in Minas Gerais. Secondary (safrinha) crop planting at 92pc done (85pc) saw sowing complete in Goiás, Tocantins and Mato Grosso. 

USDA reports that 55pc of Kansas winter wheat is in good to excellent condition, up from 53pc the previous week. Texas rated 46pc is good to excellent, up from 44pc a week ago, Oklahoma 61pc good to excellent, down from 65pc last week and in Colorado 65pc is good to excellent, up from 56pc. 

SovEcon tips Russian monthly exports to reach 5.8Mt in March, up from 4.9Mt in Feb, including wheat 4.8Mt (4.1Mt previous month, 4.5Mt previous year), barley 0.4Mt (0.2Mt, 0.2Mt) and maize 0.6Mt (0.6Mt, 0.7Mt). 

China’s Ministry of Agriculture and Rural Affairs approved 27 genetically modified corn seed varieties and 3 GM soybean varieties, expanding its list of approvals as it aims to increase the development and planting of high-yielding crops. 

Egypt’s GASC has issued an international wheat tender for May 5-15 shipment. 

Jordan’s state grain buyer has issued an international tender to buy up to 120kt milling wheat which can be sourced from optional origins for June-July shipment. 

Japan’s MAFF is seeking 119,345t milling wheat from the US, Canada and Australia in a regular tender. 

In initial assessments Algeria’s state grains agency reportedly purchased an unspecified volume of milling wheat at US$240-$241/t c&f, for Apr-Jun shipment. 


In east coast markets, canola had another day in the sun yesterday as it was able to bounce A$15/t following the offshore lead, with bids landing at $641/t track. Liquidity was smaller than after last week’s bounce which revealed more grower sellers.

The WA wheat market is broadly better bid this week, with some renewed interest for AH wheat in Kwinana port zone. Values are at $362/t for APW1, around $370/t for H2 and $390/t for H1, all based on FIS Kwinana. Feed barley levels have improved again this week to $340/t FIS Kwinana and Albany ports, and $350/t for Maxi1. Canola (CAN) values have remained at $680/t FIS for Kwinana & Albany, and $690/t FIS in Esperance. New season canola (CAN) popped its head above $700/t FIS, and new season wheat remained around $355/t FIS in Kwinana.
As expected, the RBA left interest rates on hold yesterday at 4.35pc and gave no clear indication of future moves, saying it was “not ruling anything in or out”, many economists are predicting the RBA will wait for further signs inflation has slowed before it starts cutting interest rates in the second half of this year.


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