Daily Market Wire 23 October 2023

Lachstock Consulting, October 23, 2023

Friday’s markets eased.

  • Chicago wheat down US8c/bu to 586c/bu;
  • Kansas December wheat down 6.25c/bu to 670c/bu;
  • Minneapolis wheat down 8.25c/bu to 730.75c/bu;
  • MATIF wheat Dec up €1.75/t to €240/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December down 9.5c/bu to 495.5c/bu;
  • Soybeans May 2024 down 7.5c/bu to 1344c/bu;
  • Winnipeg canola November up C$2.20/t to C$694.40/t;
  • Winnipeg canola May 2024 down C$0.10/t to $718.40/t
  • MATIF rapeseed November 2023 down €13.25/t to €394/t;
  • MATIF rapeseed May 2024 down €6.25/t to €444.75/t;
  • ASX January 2024 wheat down A$1/t to $402/t;
  • ASX January 2024 barley up A$1/t to $336/t;
  • AUD dollar down 15 points to US$0.6313


Buenos Aires Grain Exchange reported that for the week ending 19 October, the 2023- 24 maize planting was 20pc complete (16pc previous year), with fieldwork hampered by limited rainfall and low temperatures, and that rains are required for early planted crops to recover from last week’s frost. Wheat conditions are rated 53pc fair/excellent (58pc last week, 48pc last year), amid low rainfall and damage from frosts reported in central Buenos Aires. 

FranceAgriMer notes that as at 16 Oct, the 2023-24 maize harvest was 74pc complete (91pc previous year), with conditions of remaining fields rated 83pc good (83pc previous week, 42pc previous year). 2024-25 winter barley planting was 51pc complete and common wheat at 38pc. 

USDA weekly export sales, for the week ending 12 October reported 2023-24 all-wheat sales at 632,759 tonnes, with cumulative at 10.7 million tonnes (Mt) (-5pc from previous year). 2023-24 maize at 881,345 tonnes, cumulative at 16.2Mt (+17pc). 

Japan’s MAFF reportedly purchased 89,873 tonnes of milling wheat in their regular tender, including 20,898 tonnes of US DNS (min 14pc protein) for Jan arrival and 68,975 tonnes of CWRS from Canada, Nov/Dec loading.


Local markets were lacklustre to finish off the week. The ASX eastern Australia January 24 wheat contract settled down $1/t at $402/t. Track bids were mostly unchanged. Canola values softened a little but performed reasonably well versus the Matif price action. Canola basis firmed in the latter half of the week.

GIWA’s October Crop Report noted that the worst-case scenario eventuated over the last month across all grain growing regions of WA. No further spring rain and unseasonably hot windy conditions did not allow any increase in grain yield potential of the better crops and pushed those crops that were already on the edge of crashing to drop further potential. The result is a decrease in expected tonnage of about 500,000 tonnes or about 3 percent from last month. They revised wheat production down 0.37Mt to 8.13Mt, barley down 0.1Mt to 3.84Mt and canola down 40kt to 2.22Mt. The report also noted that hot temperatures and lack of sub-soil moisture during the final stages of grain fill has reduced grain quality, with many crops now going to have issues with screenings.


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