Markets

Daily Market Wire 26 February 2024

Lachstock Consulting, February 26, 2024

Most markets eased more than one percent.

  • Chicago May 2024 wheat down US10.25c/bu to 569c/bu;
  • Kansas May 2024 wheat down 6c/bu to 565.5c/bu;
  • Minneapolis May 2024 wheat down 8.75c/bu to 646.75c/bu;
  • MATIF wheat May 2024 down €0.75/t to €199.50/t;
  • Black Sea wheat futures has not quoted since 11 August 2023;
  • Corn May 2024 down 5c/bu to 413.5c/bu;
  • Soybeans May 2024 down 10.75c/bu to 1141.75c/bu;
  • Winnipeg canola May 2024 down C$3.10/t to $578.20/t;
  • MATIF rapeseed May 2024 down €7.75/t to €408.25/t;
  • ASX March 2024 wheat up A$1.50/t to $335/t;
  • ASX May 2024 wheat up A$1.50/t to $339.30/t;
  • ASX March 2024 barley unchanged at A$298.50/t;
  • ASX May 2024 barley unchanged at A$304.50/t;
  • AUD dollar up 7 points to US$0.6565.

International

Buenos Aires Grain Exchange reported that for the week ending 21 Feb rainfall across many agricultural areas was favourable for crop development. 2023-24 soybean condition rated 83pc fair/excellent (81pc previous week, 42pc previous year). Wet conditions provided relief, although hot, dry weather likely negatively impacted yield potential of early sown crops. Increased pest pressure was noted in central and northern regions. Maize conditions rated 85pc fair/excellent (83pc, 49pc). Fairly dry conditions in southern Cordoba and east/central areas of Entre Rios were beneficial for fieldwork, with reports of good productivity. In central and southwest agricultural regions pest pressure was noted, but most fields remained in normal/excellent condition.
Argentina’s Ag Ministry reported that 2023-24 wheat area had been revised up by 0.1Mha, to 5.9Mha, with production up by 0.4Mt, to 15.9Mt (12.6Mt previous year), ending stocks estimated at 2.4Mt. Barley production maintained at 5.1Mt (4.7Mt), with ending stocks 0.1Mt higher, at 0.4Mt. 

FranceAgriMer reported that as at 19 Feb, 2024-25 durum planting was 90pc complete (97pc previous year), spring barley was 26pc complete (77pc). Crop ratings for 2024-25 common wheat were 69pc good/excellent (95pc previous year), durum 74pc (92pc) and winter barley 71pc (94pc). 

A Ukrainian government delegation was reportedly heading to the Polish border on Friday as Polish farmers continue their protest and blockade of cross-border exports from Ukraine. In another incident, a load of rapeseed was spilled from a train near the Dorohusk border crossing on Friday. 

The US government has approved year-round sales of E15 ethanol blends in Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin, with the seasonal prohibition on sales to be removed from 2025. 

Tunisia’s state grains buyer seeks 100,000 tonnes of milling wheat from optional origins, for Mar/Apr shipment. 

US private exporters reported sales of 126kt of sorghum to China during the 2023-24 marketing year.

Australia

Local market values finished close to unchanged for the day on Friday. ASX May 24 wheat was firmer by $1.50/t at $339/t. Of note, there was a much better bidding presence in the market. Seemingly some consumers are seeing this as a good opportunity to build some coverage. 

WA picked up some patchy rainfall over the weekend with 10-50mm falling over the Mid West, Wheat Belt and parts of the Goldfields while less rain fell further south. Qld and central/northern NSW also picked up patchy rainfall last week with 10-50mm totals (some isolated pockets saw up to 100mm). There is another 10-25mm on the 8-day forecast for WA, with the higher totals expected inland and in the southeast.

 

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