Daily Market Wire 25 September 2023

Lachstock Consulting September 25, 2023

Friday’s market movements were small, the non-US markets tending easier.

  • Chicago wheat December up US3.75c/bu to 579.5c/bu;
  • Kansas wheat December up 0.75c/bu to 711.25c/bu;
  • Minneapolis wheat December up 3c/bu to 770.5c/bu;
  • MATIF wheat December down €0.50/t to €235.75/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December up 2c/bu to 477c/bu;
  • Soybeans May 2024 up 2c/bu to 1332c/bu;
  • Winnipeg November canola down C$3.30/t to $722/t;
  • Winnipeg May 2024 canola down C$3.50/t to $744.40/t;
  • MATIF rapeseed November 2023 up €1.75/t to €441.25/t;
  • MATIF rapeseed May 2024 down €1/t to €465.75/t;
  • ASX January 2024 wheat down A$4/t to $420/t;
  • ASX January 2024 barley unchanged at A$370/t;
  • AUD dollar firmed 25 points to US$0.6441


According to Ukraine Infrastructure Minister three more ships are on their way to Chornomorsk and Pivdennyi ports for loading. The bulk carriers will ship 127,000 tonnes of agricultural products and iron ore to China, Egypt and Spain along the temporary corridor established by the Ukrainian Navy.

Poland’s President has called for a de-escalation of the dispute over grain imports with Ukraine, saying it shouldn’t overshadow economic cooperation between the two nations.

Slovakia and Ukraine have agreed to establish a licensing system for grains trade, with the ban on imports of wheat, maize, rapeseed and sunflower from Ukraine to be lifted once the mechanism is in place. Ukraine has agreed to remove its complaint against Slovakia at the WTO.

India has sold 1.81Mt of state-owned wheat into the domestic market to ease prices. The Indian government says there is sufficient wheat in reserves for continuation of these sales during 2023-24, without saying how much wheat it intends to auction. 

Buenos Aires Grain Exchange reported that for the week ending 20 Sep, 2023-24 maize plantings were 5pc complete compared to 2pc last year. Sunflowerseed sowing was 9pc compared to 21pc last year, with dry weather expected to curb plantings in some regions. Wheat conditions rated 78pc good/excellent down one point from last week but better than last year’s 58pc. 

Argentina’s Ag Ministry has revised down its wheat area estimate by 0.2mha to 5.6mha (5.9mha previous year) due to inadequate rainfall, while barley was maintained at 1.6mha (1.8mha previous year). 

FranceAgriMer reports that as at 18 September, the 2023-24 maize harvest was 6pc complete (24pc previous year), with conditions rated at 81pc good/excellent (82pc previous week, 43pc previous year).


ASX continued to relax after another fairly uneventful week in terms of selling activity, the January 2024 eastern wheat contract ending the week at $420/t. Harvest continued in its early stages with some pleasing results but it is still too early to call this a trend. 

The Grain Industry Association of Western Australia (GIWA) Sept Crop Report noted that recent rain across large areas of the WA grain belt halted the dramatic slide in grain yield potential that was occurring in the northern regions and improved the prospects for growers in the southern regions. Total estimated grain production has dropped by nearly 1.5Mt since the August Crop Report. Wheat production is now pegged at 8.5Mt (9.15Mt August), barley at 3.95Mt (4.36Mt) and canola at 2.26Mt (2.51Mt). 

It was a dry week for most cropping regions except for eastern SA and southern and eastern Vic where rainfall totals were mostly below 15mm, although much cooler temps over the weekend were very welcome.

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