- Chicago wheat December up US23.75 cents per bushel to 639c/bu;
- Kansas wheat December up 19.25c/bu to 760.75c/bu;
- Minneapolis wheat December up 14.25c/bu to 817.75c/bu;
- MATIF wheat December up €4.50/t to €242.75/t;
- Black Sea wheat was not quoted. The 11 August settlement, December, was US$249.25/t;
- Corn December up 7.25c/bu to 493/bu;
- Soybeans November up 23.25c/bu to 1353.25c/bu;
- Winnipeg November canola contract up C$5.30/t to $800.50/t;
- MATIF rapeseed November 2023 up €6.25/t to €474.50/t;
- ASX January 2024 wheat down A$4/t to $407/t;
- ASX January 2024 barley up A$8.50/t to 356/t;
- AUD dollar gained 2 points to US$0.6405.
Buenos Aires Grain Exchange reported that for the week ending 17 August, its 2022-23 maize harvest was 90pc complete (98pc avg), with conditions rated 58pc fair/excellent (72pc previous year), as harvesting continued to be aided by warm and dry weather. With 2023-24 wheat planting complete, conditions were rated 85pc fair/excellent (85pc previous week, 82pc previous year). Drought continued to negatively impact crop development in central and northern areas, albeit with some moderate rains aiding emergence and crop development in the centre and east of Buenos Aires.
The Saskatchewan Crop Report noted that harvest over the past week was hampered by localised showers with 2023-24 harvest at 9pc complete, or which winter wheat at 56pc done (36pc previous year), spring wheat at 2pc, durum at and barley at 12pc. Canola harvest was at 1pc complete (2pc previous year). An increase in soil moisture was recorded, although crop damage during the week was linked to drought, wind, gophers, grasshoppers and flea beetles.
FranceAgriMer reportsed that as at 14 Aug, the 2023-24 common wheat harvest was 96pc complete (89pc previous week, 100pc previous year) and spring barley at 98pc finished (96pc, 100pc). 2023-24 maize condition was rated 84pc good/excellent, down from 85pc the previous week but much better than the rating at this time last year which was just 50pc.
US private exporters reported sales of 112,000 tonnes of corn for delivery to Mexico during 2023-24 marketing year.
Local wheat and barley markets finished the week stronger, both nearby and new crop. Buyers on Friday still were on the hunt for barley and wheat in WA but the bids remained under the market. In eastern Australia current crop delivered markets continued to firm.
Canola rallied rally late on Friday.
GIWA’s August crop report noted total grain yield potential had slipped by more than 1Mt in the last few weeks due to continued dry conditions in much of Western Australia’s grain growing regions. In the central and northern regions away from the coast, grain yield potential has fallen and will continue to fall further if rainfall does not pick up in the next four weeks. Wheat is now pegged at 9.15Mt (9.90Mt in July), barley at 4.36Mt (4.75Mt) and canola at 2.51Mt (2.58Mt).
Weekly rainfall totals were hit-and-miss. Some areas in southern and central NSW picked up 10-50mm and pockets of the north 5-25mm. SA picked up 10-25mm which was well timed particularly on the EP. Qld missed out again which is starting to become a problem. The 8-day forecast is looking relatively dry this week except for southeast Vic.