US soybean and wheat markets eased more than 2 percent. Rapeseed and canola firmed.
- Chicago December 2024 wheat down US16.75c/bu to 572.75c/bu;
- Kansas Dec 2024 wheat down 15.25c/bu to 580.75c/bu;
- Minneapolis Dec 2024 wheat down 12.25c/bu to 616.5c/bu;
- MATIF wheat Dec 2024 down €3.75/t to €226.50/t;
- Corn Dec 2024 down 2c/bu to 404.75c/bu;
- Soybeans Nov 2024 down 18.75c/bu to 970c/bu;
- Winnipeg canola Nov 2024 up C$2.80/t to $616.10/t;
- MATIF rapeseed Nov 2024 up €5/t to €501/t;
- ASX Jan 2025 wheat up A$.50/t to $332.50/t;
- ASX Jan 2025 barley unchanged at A$291/t;
- AUD dollar up 11 points to US$0.6707.
International
Russia is reportedly hoping to convince BRICS countries to build an alternative platform for international payments to avoid Western sanctions, including a grain trading exchange when it hosts the group’s leaders at a summit this week. Officials from Egypt, Ethiopia, Iran, the United Arab Emirates, Brazil, Russia, India, China and South Africa are expected to attend. Saudi Arabia has also been invited to attend.
Chinese Customs Data showed Sept maize imports of 310kt, down 81pc from Sept 2023, with cumulative 2024 imports at 12.8Mt (-23pc year on year). Wheat imports were 250kt (-60pc), with cumulative at 10.7Mt (+6pc), barley at 940kt (-9pc), cumulative 11.8Mt (+63pc) and sorghum at 970kt (+108pc) with cumulative at 6.8Mt (+86pc).
Buenos Aires Grain Exchange reported that for the week ending 16 Oct, 2024-25 maize planting was 24pc complete (20pc previous year), with significant progress reported in Santa Fe, Entre Ríos and northwest Buenos Aires. However, a lack of moisture restricted fieldwork in southern growing areas. Wheat conditions rated 66pc fair/excellent (62pc previous week, 53pc previous year). In the north, earlier planted crops show irreversible losses, while later crops have a better chance of recovery. Forecast rains in the coming days could be beneficial, allowing for a further improvement of crop conditions. Barley condition ratings have fallen to 43pc fair/excellent, reflecting a lack of moisture in northern La Pampa and western and central Buenos Aires.
FranceAgriMer reported that as at 14 Oct, French 2025-26 common wheat planting was 10pc complete (32pc previous year, 27pc avg), winter barley at 20pc done (45pc, 42pc). 2024-25 maize harvest was 13pc complete (67pc, 55pc), with conditions rated at 78pc good/excellent (78pc, 83pc).
US private exporters reported sales of 21kt of soybean oil to Mexico, 125kt of corn to unknown destinations and 293kt of soybeans to unknown destinations during the 2024-25 marketing year.
Australia
In Western Australia at the end of last week canola bids were mixed, conventional canola at around $790/t and GM at about $730/t. Wheat bids were strong to end a good week at around $371/t FIS and barley $318/t.
The east of Australia was largely unchanged to end the week. Canola was bid $760/t, GM $718/t, wheat about $353/t and barley $305/t.
After a stormy week, rainfall totals across the east were significant in some areas. Heavy rain rapidly delivered high totals across parts of SA, Vic and NSW. The next four days should be relatively dry but there is moisture building from Friday across Vic, northeast NSW and southeast Qld.
GIWA released its October Crop Report on Friday noting the very mixed yield outcomes expected for this year’s winter crops with the timing of rainfall, and soil types, having a significant impact on yields. It said regions that received rainfall at critical grain fill windows would yield substantially more than those that did not. Combined with subtle differences in soil types both factors will result in significant variability in results within regions. It revised total production up 0.89Mt to 17.75Mt. It increased wheat output by 0.61Mt to 9.91Mt, barley up 50kt to 4.32Mt and canola up 135kt to 2.36Mt.
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