Spring wheats firmed and corn. Canola eased 2 percent and soybeans eased 1 percent.
- Chicago wheat up US1.25c/bu to 587.25c/bu;
- Kansas December wheat up 0.75c/bu to 670.75c/bu;
- Minneapolis wheat up 7c/bu to 737.75c/bu;
- MATIF wheat Dec down €2.25/t to €237.75/t;
- Black Sea wheat has not quoted since 11 August;
- Corn December down 5.25c/bu to 490.25c/bu;
- Soybeans May 2024 down 12.c/bu to 1332c/bu;
- Winnipeg canola November down C$14.60/t to C$679.80/t;
- Winnipeg canola May 2024 down C$13/t to $705.40/t
- MATIF rapeseed November 2023 down €2.75/t to €391.25/t;
- MATIF rapeseed May 2024 down €8/t to €436.75/t;
- ASX January 2024 wheat down A$1.50/t to $400.50/t;
- ASX January 2024 barley down A$1/t to $335/t;
- AUD dollar up 23 points to US$0.6336
Institute for Agricultural Market Studies, IKAR, revised upward its 2023-24 Russian production estimated by 0.6 million tonnes (Mt) to 142.2Mt, and bumped exports up by 0.3Mt to 65Mt.
According to Egypt’s Supply Minister, Egypt plans to import up to 2Mt of wheat by the end of June and does not need to use hedging for wheat purchases this fiscal year because global prices have declined.
Drought-hit agricultural regions across Argentina received heavy rain over the weekend, with 30-75 mm recorded over the course of Saturday and Sunday in large areas of western Buenos Aires, southeastern Córdoba and southwestern Santa Fe.
According to Ukraine’s Ag. Ministry, 2023-24 cumulative exports for the week ending 20 October are at 8.1Mt, down 30% compared to this time last year, including wheat at 4.1Mt (-7%), maize at 3.2Mt (-49%) and barley at 0.7Mt (-31%). As at 19 October 2023-24 maize harvest has yielded 9.3Mt from 1.4 million hectares (Mha), sunflower harvest yielded 10.2Mt from 4.4Mha.
Local markets ended the day a touch softer, with ASX Jan 24 wheat down $1.50/t at $400.50/t. The much cooler temps will slow harvest progress this week across central and southern NSW, Vic and SA.
Graincorp released their first 2023-24 harvest update yesterday noting that the overall quality received across all commodities from central and southern Qld has been excellent. In northern NSW, deliveries are coming into the Moree, Narrabri and Dubbo regions, with activity expected to build across most zones in the coming week. In southern NSW they are seeing their first deliveries of canola and barley into the network and Vic sites have begun receiving the first samples in the north of the state. To date they have received 426,200 tonnes.
The 8-day forecast is looking relatively dry for most cropping regions with showers expected across SA expected to total less than 5mm, Vic is also looking at less than 5mm which will be welcome after a pretty wet month to date. Parts of northern NSW are looking at 5-15mm which will be a nuisance for harvest and the southeast can expect less than 5mm. Below average minimum temps have continued this week across the eastern states, while WA has continued to bake.