International

Canadian rail workers were ordered to end their strike and get back to work on Saturday. Teamsters Canada, the union representing workers at both Canadian National and Canadian Pacific Kansas City Ltd, said it will appeal the ruling in court but agreed to go back to work today.

The French crop institute Arvalis reported that provisional quality results indicate below-average test weights and protein content of the 2024-25 French wheat crop. 

FranceAgriMer reported that as at 19 Aug, 2024-25 common wheat harvest was 100pc complete (99pc previous year, 98pc five-year avg) and spring barley harvest was also 100pc complete (99pc, 99pc). The maize crop was rated 76pc good/excellent (76pc previous week, 82pc previous year). 

The Saskatchewan Crop Report for the week ending 19 August noted heavy rainfall and hail improved soil moisture levels in parts of the province, but also resulted in localised crop damage. Hot and dry conditions persisted in some areas, facilitating crop maturity and adversely impacting yield potential. Harvest is 15pc complete (21pc previous year, 13pc five-year avg), with winter wheat 56pc (55pc, 64pc), spring wheat at 4pc (2pc, 13pc), durum at 14pc (3pc, 26pc), barley at 17pc (8pc, 30pc) and canola at 2pc (1pc, 4pc).

Brazil grain exporter association ANEC trimmed its August soybean export forecast to 8.2Mt (7.6Mt August last year). Soymeal was bumped up by 0.2Mt, to 2.4Mt (1.9Mt) and maize up by 0.3Mt, to 7.0Mt (9.2Mt).

Thai importers reportedly purchased 73kt feed wheat from the Black Sea region, at an estimated US$264/t c&f for Sep shipment. 

Tunisia’s state grain buyer purchased 75kt optional origin milling wheat, at $243-$246/t c&f, likely to be sourced from the Black Sea region, for Sep/Oct shipment. 

US private exporters reported sales of 120kt soybeans to unknown destinations during the 2024-25 marketing year.

Australia

The end of last week saw more of the same in local east coast markets with values finishing down around $5/t, with the overall weekly move down $10-12/t for both new crop and nearby values. Growers were active to some degree in the old crop space but it was mostly trade led liquidity. Compounding the bearish tone was the Australian dollar pushing to 67.9c. Rainfall over the weekend caught the southern parts of Vic which was arguably the most in need and although crops are not home yet, conditions are improving and there is still hope for a good finish to the season. 

There is another 5-25mm on the forecast this week for WA, with the heavier totals expected in the south. Eastern SA also has 5-25mm forecast with the South East tipped to picked up 25-50mm. Most of southern Vic has 10-50mm forecast, while the northwest has less than 10mm. NSW and Qld are currently looking at a relatively dry week. 

The Australian Oilseeds Federation has pegged the 2024-25 canola crop at 5.435Mt in their latest crop report. The report noted that areas that usually have more predictable and useful rain have been experiencing very dry conditions, while some of the typically drier regions have had good rainfall. The Wimmera, southern NSW, SA’s Eyre Peninsula, and WA’s Esperance zone have suffered from a dry start and below-average rainfall throughout the season. While central northern, and western NSW and WA’s Geraldton zone have had above average rainfall.