Daily Market Wire 20 September 2021

Lachstock Consulting, September 20, 2021

Most markets on Friday settled almost 1pc lower. French rapeseed continued to lift a little.

  • Chicago wheat December contract down US4.25c/bu to 708.75c/bu;
  • Kansas wheat December contract down 7.5c/bu to 713c/bu;
  • Minneapolis wheat December down 6c/bu to 900.5c/bu;
  • MATIF wheat December contract down €1/t to €247.75/t;
  • Corn December contract down 2.25c/bu to 527.25c/bu;
  • Soybeans November contract down 12c/bu to 1284c/bu;
  • Winnipeg canola November contract down C$1.80 to $873.70/t;
  • MATIF rapeseed November contract up €2.50/t to €600.75/t;
  • US dollar index up 0.3 to 93.2;
  • AUD weaker at US$0.726;
  • CAD weaker at $1.276;
  • EUR weaker at $1.173;
  • ASX wheat September contract unchanged at $326.50/t;
  • ASX wheat January 2022 down $2/t to $342/t.


Grain markets slid across the boards on Friday despite another flash of Chinese bean sales – Chicago wheat closed -4 1/4¢, KC -7.5¢, Minny -6¢, and Matif off a euro on the earlier close.  Corn was down two and a quarter and beans -12¢ (Matif +2.5€, Winnipeg -$1.8).  Macro markets were also off with crude down half a buck to $71.9 WTI / $75.3 Brent and the DOW lost 166 points.  The AUD is trading at 72.6¢, the CAD $1.276, and the EUR $1.173.

Two boats of new crop bean sales to China flashed on Friday, following the previous flashes of cancellations/bookings.

Market ideas of beans demand by China are gradually trending up, especially with some strength in the Chinese domestic boards, but it remains the million-dollar question for oils markets right now. How much will they be in for, and when?

US row-crop harvest continues to plug along with a dry set of weather maps for the remainder of September set to be beneficial to field work.  Yield indications remain variable. Last week’s discussion about low test weight continues to play in the background, though some positive indications are emerging.

Russia has banned imports of Brazilian beef from two states following an early September report of atypical mad cow disease.

Ukraine post-harvest preliminary results peg the wheat crop at 33 million tonnes, a new record.

Stratégie Grains cut its estimate of the EU wheat crop by 2.4Mt to 129.1Mt.

Russia’s export tax is down a buck sixty from the prior week. As always it is no real surprise given the formula methodology but an interesting reflection of the time lag there.


Local markets continued to follow the global board up and many are watching the weather maps for the next rain event with some of the crops in SA/Vic starting to show more stress.

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