Daily Market Wire 26 June 2023

Lachstock Consulting, June 26, 2023

US dollar rallied. Corn fell 5 percent. Crude oil and most commodity prices eased at least one percent.

  • Chicago wheat December down U8.75 cents per bushel to 761.75c/bu;
  • Kansas wheat December down 10.25c/bu to 863c/bu;
  • Minneapolis wheat December down 8.25c/bu to 880.25c/bu;
  • MATIF wheat December 2023 down €3.25/t to €254.25/t;
  • Black Sea wheat December down US$1.75/t to $248/t;
  • Corn September 2023 down 32.25c/bu to 584.75c/bu;
  • Soybeans November 2023 down 29.5c/bu to 1310c/bu;
  • Winnipeg November canola contract down C$10/t to $705.10/t;
  • MATIF rapeseed November 2023 down €10.25/t to €438.75/t;
  • ASX January 2024 wheat up A$2/t to $403/t;
  • ASX January 2024 barley unchanged at $327.50/t;
  • AUD dollar eased 79 points to US$0.6677.


An auditing company empowered by the EU to verify sustainable fuel has suspended the certification of three Chinese biofuel exporters after the source of their waste products from Malaysia and Indonesia could not be verified.

In Canada, the Saskatchewan crop report for the week ending 19 June reports plantings are essentially complete, with recent rainfall throughout the province replenishing topsoil moisture. The majority of crops are in normal stages of development for this time of year. Dry conditions in the west have induced environmental stress in crops, hastening their development. Eastern regions received more moisture during the spring, resulting in some localised flooding and developmental delays. Overall, topsoil moisture increased over the week to 69 percent  versus 66pc in the previous week, and 75pc at this time last year.

FranceAgriMer reports that as at June 19, the 2023-24 common wheat crop was rated 83% good to excellent, down from 85pc the previous week and 64pc in the previous year, durum was at 77pc vs 81pc and 60pc, winter barley was at 84pc vs 85pc and 63pc, spring barley was at 78pc vs 83pc and 53pc and maize was at 85pc vs 86pc and 83pc. Harvest of 2023-24 common wheat is said to be 2pc complete, on track with this time last year, with winter barley at 10pc vs 23pc last year, and spring barley at 1pc vs 3pc.

Buenos Aires Grain Exchange has cut its estimate for Argentina’s 2023-24 wheat planted area by 200,000ha to 6.1Mha, citing a lack of soil moisture in center-west and no rain forecast for next week. Also, uneven rains in the north-east do not allow initial plans to be met. Planting is estimated to be 58pc complete vs 62pc at this time last year, and a 67pc average.

Japan’s MAFF purchased 92,529t of milling wheat in its regular tender, including 34,445t of ASW from Australia, 25,978t CWRS of minimum 13.5pc protein from Canada, 14,454t of US DNS minimum 14pc protein, 10,770t US HRW and 6882t of US WW.


Local markets finished the week up, with current and new-crop grower sales continuing to be made in dribs and drabs. Protein wheat continued to gain a bid in South Australia and Victoria on current crop with H2 firming to $395/t port in SA and $390/t port in Vic.

The forecast is looking promising for some decent rainfall for northern New South Wales and Queensland next week which will be well timed if it eventuates.

Grain port congestion improved across most major ports this week with the exception of Melbourne, where average wait time went from five to 12 days. Port Kembla went from 23 to 16 days and Kwinana 16 to 12. Wait times at Pinkenba fell from 12 days last week to four this week.


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