Daily Market Wire 24 November 2023

Lachstock Consulting November 24, 2023

Thanksgiving Holiday saw US markets shut overnight. 

  • Chicago December wheat previous day settlement was US555.75c/bu;
  • Kansas December wheat previous day settlement was 614.5c/bu;
  • Minneapolis Dec wheat previous day settlement was 710.75c/bu;
  • MATIF wheat Dec down €2/t to €222/t;
  • Black Sea wheat futures has not quoted since 11 August;
  • Corn December previous day settlement was 468.75c/bu;
  • Soybeans May 2024 previous day settlement was 1387.25c/bu;
  • Winnipeg canola May 2024 down C$12.60/t to C$705.20/t;
  • MATIF rapeseed May 2024 down €3.50/t to €441.50/t;
  • ASX January 2024 wheat up A$4.50/t to $388.50/t;
  • ASX January 2024 barley down A$2.50/t to $327.50/t;
  • AUD dollar up 15 points to  US$0.6558.


Oil prices were lower on the news that OPEC+ had delayed a ministerial meeting that was meant to take place on 26 November to discuss output cuts. It is reported that the delay stems from African members not in agreement on production levels and therefore possible reductions. Saudi Arabia has reportedly expressed its dissatisfaction with other members about their output numbers. Several analysts have predicted OPEC+ is likely to extend or even deepen oil supply cuts into next year when they do meet, now expected to be on 30 November. Despite the cuts already in place, oil continues to be pressured by rising supplies and concerns that a potential global economic slowdown will impact demand. 

US grain markets will be back open Friday. The soy complex is all about the weather in Brazil now where the soybean planting progress is at the slowest pace for 4-5 years. Excessive rainfall in the southern regions, and lack of moisture in the mid and northern growing regions is having a significant impact. 

Russian wheat values were reported slightly higher at US$235/6 per tonne FOB. It also has been reported over the past 24-48hrs China had purchased two cargoes of SRW wheat. It is not the first time China has emerged as a buyer of US wheat when CBOT price drops to around WZ 540-550 cents per bushel.


Local values were mostly unchanged yesterday as most of the industry waits to see what happens with weather set to pass through the Eastern States. Quality concerns for SNSW and Victoria are on the radar, making both sides reluctant to press hard.

ASX eastern Australia Jan wheat settlement price of A$388.50/t, $4.50/t firmer than previous day, is pretty much the middle of the past month trading range of $380-395/t.

In WA, feed barley values in Kwinana zone are hovering around $360/t FIS and APW wheat around $410/t FIS.


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