Daily Market Wire 21 November 2023

Lachstock Consulting, November 21, 2023

Canola rallied 3 percent, soybeans, Brent crude 2pc, and wheat markets eased. 

  • Chicago December wheat down US7.25c/bu to 543.5c/bu;
  • Kansas December wheat down 7.5c/bu to 610.5c/bu;
  • Minneapolis Dec wheat down 8.25c/bu to 707.25c/bu;
  • MATIF wheat Dec down €2.50/t to €224.25/t;
  • Black Sea wheat futures has not quoted since 11 August;
  • Corn December up 2.5c/bu to 469.5c/bu;
  • Soybeans May 2024 up 26c/bu to 1395c/bu;
  • Winnipeg canola May 2024 up C$19.20/t to C$724.80/t;
  • MATIF rapeseed May 2024 down €3.75/t to €437.50/t;
  • ASX January 2024 wheat down A$4.50/t to $385/t;
  • ASX January 2024 barley down A$0.50/t to $335/t;
  • AUD dollar up 41 points to  US$0.6557.


Argentina elected right-wing libertarian Javier Milei as president. Mr Milei gained 56% of votes, ahead of his left-wing rival, Sergio Massa. He promises to reduce spending and taxes, eliminate the country’s central bank and replace the Argentine peso with the US dollar.  Argentina’s main rural associations say Milei’s win offers an opportunity for radical change in policy for the grains sector. 

World Weather Inc noted that parts of central Brazil received light rainfall over the weekend, while southern areas received heavy rains. It noted not much change for the centre west, centre south or interior northeastern Brazil over the coming ten days. Isolated showers and thunderstorms are likely across key summer crop areas. 

Chinese customs data show October soybean imports at 5.2Mt, including 4.8Mt from Brazil (+71%) and 0.2Mt from the US (-70%).
According to Ukraine’s Deputy Agriculture Minister, 2024-25 winter wheat production is forecast at around 18-20Mt (22.2Mt previous year), from an area of 4m ha (4.5m ha). With annual consumption seen at about 6.5Mt, output is deemed sufficient to cover domestic demand. 

Ukraine’s Deputy Minister of Infrastructure reported that as at 17 Nov, 151 vessels have left Black Sea deep sea ports via the humanitarian corridor, with a total of 4.4Mt of cargo, including 3.2Mt of grains. Currently, a further 30 ships are being loaded, including 22 vessels carrying a total of 700,000t grains. Ag. Ministry data show for the week ending 15 Nov cumulative exports are at 11.0Mt (-29% from previous year), including wheat 5.2Mt (-12%), maize 4.9Mt (-41%), and barley 0.7Mt (-41%). 

US private exporters reported sales of 104,000t corn for delivery to Mexico during the 2023-24 marketing year. 

Iran’s state feed importer SLAL seeks (21 Nov) up to 180,000t feed maize from Brazil, Europe and the Black Sea Region, and 120,000t soymeal from Brazil, Argentina or India. 

Algeria’s OAIC seeks (21 Nov) 50,000t feed barley from optional origins for Jan/Feb and 50,000t milling wheat for Dec/Feb.


ASX futures relaxed yesterday, as we saw the Aussie Dollar break higher. The  eastern Australia January wheat contract settled at $A385, $4.50/t below previous day. Up country values were firmer in the Port Kembla and Melbourne port zones but easier in Queensland and Newcastle. The patchy storms halted some harvest, but where possible harvest is charging on before the next rain arrives.

GrainCorp received 1.61Mt for the week ending 20 November, taking total receivals to 3.95Mt. Harvest is mostly complete in Qld and NNSW while well underway in central and southern NSW. The Victorian harvest is building strong momentum, especially in the North East, Northern and Southern Mallee, Swan Hill and Wimmera regions. Across most areas, growers are harvesting canola and barley. The overall quality across all commodities has been excellent, with canola and barley deliveries performing particularly well in SNSW and Vic.

CBH received 1.52Mt of total grains for the week ending 19 November, taking total receivals to 6.9Mt. Wet weather slowed harvest progress across all zones this week. Chief Operations Officer Mick Daw said receivals to date represented about 51% of total harvest estimates for the year. Recent wet weather had slowed harvest for some, but most still expected to finish harvest in December.


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