Wheat firmed, oilseeds eased and the Dow Jones Industrials Average gained 1 percent..
- Chicago March 2024 wheat up 7.75c/bu to US593.25c/bu;
- Kansas March 2024 wheat up 2.75c/bu to 608c/bu;
- Minneapolis March 2024 wheat up 7.5c/bu to 695.5c/bu;
- MATIF wheat March 2024 up €1/t to €218/t;
- Black Sea wheat futures has not quoted since 11 August 2023;
- Corn May 2024 up 1c/bu to 456c/bu;
- Soybeans May 2024 down 1.25c/bu to 1223c/bu;
- Winnipeg canola May 2024 down C$3.70/t to C$634.90/t;
- MATIF rapeseed May 2024 down €3.25/t to €433.75/t ;
- ASX March 2024 wheat up A$0.80/t to $371.30/t;
- ASX March 2024 barley unchanged at A$298.50/t;
- AUD dollar up 23 points to US$0.6598
Indonesia’s feed millers are looking for alternative solutions to cover current shortages. The country is experiencing a tightening corn supply amid lower domestic output, coupled with delays in Black Sea feed wheat shipments due to heightened tensions in the Red Sea. Local feed mills are being forced to reduce their run rates and chicken life cycles are being shortened due to the lack of feed, leading to higher chicken prices.
All eyes will be on two major economic reports coming up this week that could go a long way to determine the future of US Federal Reserve interest rate policy. The reports are the gross domestic product, to be released on Thursday, and the personal consumption expenditures prices reading on inflation, on Friday.
Private Brazil-based forecaster, Agroconsult, cut its Brazil soybean production estimate from 161.6 million tonnes (Mt) to 153.8Mt at the end of last week and noted record “replanting” of 2.9 million hectares, or 6.4pc total planted area.
US Department of Defense Central Command reported that US forces on Saturday struck and destroyed a Houthi anti-ship missile aimed into the Gulf of Aden, south of Yemen.
South Korea’s Major Feedmill Group (MFG) bought 66,000t optional origin corn via tender on Friday at US$245/t for arrival in May.
Asian palm oil prices have strengthened since the start of January, buoyed by flood related supply concerns in Indonesia and Malaysia impacting yields and causing logistical challenges for supply to the mills.
The week finished on a stronger note. By the close on Friday, canola was most notably pushing towards A$635-640/t track on the east coast before easing a few dollars.
Eastern wheat values again firmed slightly for the delivered markets, but track was less exciting. The spread between track and delivered is growing slowly as exporters meet loading commitments.
WA wheat values were relatively firm; APW1 in Kwinana improved to $410/t free-in-store (FIS) and H2 was unchanged at $415/t FIS and ASW $405/t FIS. CAN improved $5/t to $705/t FIS in Kwinana.
A wet week was seen in the east with most of NSW receiving 25-50mm and Victoria 15-25mm. Falls were variable and patchy in parts.
A hot week is on the cards for WA and coastal areas of QLD/NNSW with above average temperatures forecast.