Canola firmed about 1 percent. Wheat markets were mixed.
- Chicago March 2024 wheat up 3.25c/bu to US596.5c/bu;
- Kansas March 2024 wheat down 1c/bu to 607c/bu;
- Minneapolis March 2024 wheat up 5c/bu to 700.5c/bu;
- MATIF wheat March 2024 down €1.25/t to €216.75/t;
- Black Sea wheat futures has not quoted since 11 August 2023;
- Corn May 2024 up 0.25c/bu to 456.25c/bu;
- Soybeans May 2024 up 11c/bu to 1233c/bu;
- Winnipeg canola May 2024 up C$6.30/t to C$641.20/t;
- MATIF rapeseed May 2024 down €2.25/t to €431.50/t ;
- ASX March 2024 wheat down A$5.50/t to $365.80/t;
- ASX March 2024 barley unchanged at A$298.50/t;
- AUD dollar down 28 points to US$0.6570
2023 was a huge year for China’s iron ore and coal imports. The combined imports of all coal types, iron ore, bauxite, manganese and nickel ore along with other concentrates reached 1.92 billion tonnes. To put some perspective around this, 2023 was comfortably more than double the ore and coal import total in 2010 and was almost 4 times the 2007 level.
US weekly exports were friendly for corn, soybeans and wheat. US corn exports were very strong, and the program remains well ahead of last year’s pace.
Brazil-based consultancy AgRural pegged the 2023/24 soybean harvest in Brazil at 6pc complete, up 4pc on the week and the progress is ahead of that seen at the same time last season.
Jordan has issued a tender (closing 24 Jan) for up to 120,000t milling wheat from optional origins for Apr/Jun shipment.
USDA Cattle on Feed numbers from Friday came in as expected showing all US cattle on feed as of January 1 at 11.930 million head, or 102pc of last year. December placement came in at 95.5pc of LY, also in line with the trade estimate.
A steady start to the week across the East Coast cereals which has continued the theme of trading within a ~A$5/t range for the last two weeks.
The firmer AUD had taken the wind out of the sails to a degree but mostly there is for now a steady state of equilibrium. Consumers are happy to stand there and own grain out the curve with sellers slowly but steadily trickling grain out.
Canola was softer to start the week as eastern Australian track values relaxed $10-15/t from mid last week to be bid $620.
WA wheat values and canola values were unchanged. APW1 in Kwinana was $410/t FIS, H2 traded $415/t and ASW $405/t. CAN remains around $700/t FIS in Kwinana.