Daily Market Wire 23 November 2023

Lachstock Consulting November 23, 2023

Canola eased almost 2 percent. Other markets moved in fractions, mostly a little lower. 

  • Chicago December wheat up US0.75c/bu to 555.75c/bu;
  • Kansas December wheat down 1.25c/bu to 614.5c/bu;
  • Minneapolis Dec wheat down 6.75c/bu to 710.75c/bu;
  • MATIF wheat Dec down €1.50/t to €224/t;
  • Black Sea wheat futures has not quoted since 11 August;
  • Corn December down 1.25c/bu to 468.75c/bu;
  • Soybeans May 2024 down 17.5c/bu to 1387.25c/bu;
  • Winnipeg canola May 2024 down C$12.10/t to C$717.80/t;
  • MATIF rapeseed May 2024 down €0.75/t to €445/t;
  • ASX January 2024 wheat up A$1/t to $384/t;
  • ASX January 2024 barley down A$7.50/t to $330/t;
  • AUD dollar down 13 points to  US$0.6543.


According to Russia’s Ag. Ministry 2024-25 18.5 million hectares (Mha) winter cereal has been planted to date, up 5pc year on year. It includes 16.8Mha winter wheat, 681,200ha winter barley and 544,600ha winter rapeseed. The 2023-24 wheat harvest is 99pc complete, producing 94.5Mt from average yields of 3.2t/ha. Barley harvest is 99pc done, producing 22Mt. Sunflower harvest is 88pc complete, producing 15.5Mt from 8.6Mha, and rapeseed almost 100pc complete producing 4.4Mt with average yield of 2.1t/ha. 

Ukraine’s Ag. Ministry reported that 2024-25 winter sowing was nearing completion. It expected total area would decline, including winter wheat (-10pc), winter rapeseed (-13pc), and winter barley (+13pc). 

Algeria’s OAIC reportedly purchased an unknown volume of feed barley from optional origins, at around US$219-224/t c&f, Jan/Feb shipment. 

Jordan’s state grain buyer purchased about 60,000 tonnes of milling wheat from optional origins, at $273.50/t c&f, Jan shipment. It will also tender (28 Nov) for 120,000 tonnes of milling wheat from optional origins and 120,000 tonnes of feed barley (30 Nov) from optional origins. 

The weekly export sales program of US private exporters reported sales of 110,000 tonnes of soft red winter wheat to China during the 2023-24 marketing year and 128,000 tonnes of corn for delivery to unknown destination.


ASX wheat finished a $1/t firmer yesterday, as harvest momentum stalled in patches with scud storms passing through. The softening of the AUD also helped give some reprieve to up country values. Trade shorts still dominate the northern market as consumers, with coverage until April, kick up their heels at the coast. 

Rainfall totals over Qld and NNSW continue to build with some solid recordings to date and more rain expected today. Forecast rainfall is pushing further west and south into southern NSW, SA and Vic where it is less welcome. Showers are expected to continue over the weekend. Although the totals are not expected to be as high as they have been over the northern cropping zones. The impact on quality is unknown. It will depend on how quickly crops can dry out and if they can be harvested before any further rainfall events. 

This week’s line ups data shows that there is currently 3.18Mt of total grain on the shipping stem for November, up from 3.05Mt last week. Wheat at 1.79Mt is up from 1.49Mt, barley at 845kt is down from 990kt, canola is down from 530kt to 503kt and sorghum is unchanged at 40kt. Average wait times increased this week in Geelong, Kwinana and Albany and decreased in Esperance. Maximum wait time is less than 16 days. There are 9 vessels anchored and 6 loading.


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