Daily Market Wire 25 June 2024

Lachstock Consulting June 25, 2024

Small and mixed moves overnight.

  • Chicago December 2024 wheat down US5.5c/bu to 594.25c/bu;
  • Kansas Dec 2024 wheat down 1.75c/bu to 601.5c/bu;
  • Minneapolis Dec 2024 wheat down 4c/bu to 632.75c/bu;
  • MATIF wheat Dec 2024 down €3/t to €230.50/t;
  • Corn Dec 2024 down 1.5c/bu to 451.75c/bu;
  • Soybeans Nov 2024 up 10.5c/bu to 1130.5c/bu;
  • Winnipeg canola Nov 2024 down C$4.70/t to C$617.80/t;
  • MATIF rapeseed Nov 2024 down €0.75/t to €471/t;
  • ASX Jan 2025 wheat down A$5/t to $351/t;
  • ASX Jan 2025 barley unchanged at $A303.90/t;
  • AUD dollar up 16 points to US$0.6657.


Egypts’ GASC has an optional origins wheat tender out today with offers to be submitted on as FOB basis, for shipment between Aug 21-31 and/or September 1-10. Payment terms are at sight and will be funded by The International Islamic Trade Finance Corporation (ITFC). 

The chatter that India is considering cutting duties on wheat imports is doing the rounds again. No official announcements have been made at this stage. 

Areas of the western and northern US Corn Belt flooded over the weekend due to excessive rainfall. World Weather Inc expects more rain over the next 10 days and possibly two weeks, for already saturated locations, but will also allow some timely lighter rains to move into dry southern and eastern areas of the Corn Belt, Delta and Southeast. 

According to Russia’s Ag Ministry, dry conditions in southern regions during May are expected to have a greater impact on 2024-25 crops than frosts, with early yield results in Rostov reportedly down by 40pc compared to last year. Farmers were reportedly able to re-sow most of the fields affected by earlier frosts. The 2024-25 grain production forecast is tentatively maintained at 132Mt (144.9Mt previous year), including wheat at 86Mt (92.8Mt). 

The Alberta Crop Report for the week ending 18 June noted that sowing is pretty much complete. Surplus soil moisture was reported across large parts of the province, with warmer temperatures needed to aid crop development. Light frosts and hail were noted, with snow reported in the south, which could adversely impact young plants. Spring wheat condition was rated 76pc good/excellent (51pc year ago), barley 76pc (46pc) and canola 65pc (49pc). Pest pressure from wireworms and root maggots was reported and a strong presence of gophers was noted in South and Central Regions. 

Ukraine Ag Ministry data shows that cumulative 2023-24 exports as at 24 June were 49.8Mt (48.4Mt previous year), including wheat 18.2Mt (16.6Mt), barley 2.5Mt (2.7Mt) and maize 28.5Mt (28.8Mt). 

Last week a bipartisan group of six US Senators urged the Biden administration to increase scrutiny of Used Cooking Oil (UCO) imports from China over concerns that these imports may be fraudulent, blended with virgin oils like palm oil, which have higher carbon intensity and are linked to deforestation. 

US private exporters reported sales of 228kt of soybean cake and meal to the Philippines during the 2024-25 marketing year.


Local markets were quiet yesterday. The ASX Jan 25 eastern Australian wheat contract ended the day down another $5/t at $351/t, following the offshore lead. 

Rainfall is developing again for the WA wheat belt where it is now in stark contrast from where they were 6 weeks ago when most of the state was on a knife’s edge. NDVI imagery shows the uptick in growth which is now tracking at just below average. No surprise that NDVI imagery for SA shows growth is well below average and close to the bottom of the 20-year range for the EP and northern SA, while you can see an improvement in Murraylands and the southeast after recent rainfall. Vic and southern NSW is currently showing average to above average crop growth. Central west, northwest and northern NSW are currently showing growth at the top of the 20-year range. Despite a recent decline, NDVI for the southwest and Darling Downs is still off the charts, while CQ is showing average to below average vegetative growth.

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