Minor market moves occurred overnight. The Dow Jones Industrials Average gained again.

• Chicago December 2024 wheat up US2c/bu to 599c/bu
• Kansas December 2024 wheat up 2.5c/bu to 604.25c/bu
• Minneapolis December 2024 wheat  up 1.5c/bu to 683.5c/bu
• MATIF wheat December 2024 up €0.25/t to €217.25/t;
• Corn December 2024 up 2c/bu to 476.75c/bu;
• Soybeans November 2024 up 4c/bu to 1204.25c/bu;
• Winnipeg canola November 2024 down C$3/t to $660.50/t
• MATIF rapeseed November 2024 down €3/t to €454/t
• ASX May 2024 wheat up A$2/t to $329.50/t;
• ASX January 2025 wheat up A$1.50/t to $344.50/t
• ASX May 2024 barley unchanged at A$294.50/t;
• ASX January 2025 barley unchanged at A$296.30/t
• AUD dollar down 16 points to US$0.6570.

US stocks continued to march ahead post the Fed Reserve statement yesterday, while the offshore grain and oilseed markets opened strongly but closed just in the green. The canola futures market took a bit of a breather after what has been another strong week mainly on the back of funds paring back their large short positions. As we near the end of the week, most eyes will now start to focus on next Thursday’s USDA report which will include the first 2024 expected planted acres estimates as well as the March 1 stocks report. 

Iron Ore imports into China have been impressive in 2024, for the first two months of the year customs data has them importing 209.5Mt (+15.7Mt). Brazil has been the main beneficiary with their volumes up 9.7Mt across the same period mainly due to drier conditions aiding mining and logistics in Brazil. This surge shipments has replenished port inventory in China and has been one of the main reasons that prices have eased from $140/t at the start of the year to ~$110/t today. 

Further details evolved overnight on Egypt’s GASC 110,000t wheat purchases, 50kt of Bulgarian wheat and 60kt of Romanian for May 5-15 shipment at $251-$255/t C&F. 

Japan purchased 119,000t of wheat in their regular weekly tender for A/M/J Shipment, including 29kt from Australia, 25kt from Canada and 55kt of US. 

Australia

This week canola cash values continue to strengthen. Vic/NSW have seen a plus $25 over the week, and a $60-70 improvement since the end of February. Demand seems to line up with current short term shipping slots, along with an increase in canola prices globally has brought on a good amount of old crop grower selling over the past 2 weeks. 

Falls of up to 50mm on the cards for Qld and NNSW but the rest of Australian cropping areas are calling for a dryer week.