Daily Market Wire 26 June 2024

Lachstock Consulting June 26, 2024

Markets eased.

  • Chicago December 2024 wheat down US11.5c/bu to 582.75c/bu;
  • Kansas Dec 2024 wheat down 5.5c/bu to 596c/bu;
  • Minneapolis Dec 2024 wheat down 10.75c/bu to 622c/bu;
  • MATIF wheat Dec 2024 down €1.50/t to €229/t;
  • Corn Dec 2024 down 8.75c/bu to 443c/bu;
  • Soybeans Nov 2024 down 19c/bu to 1111.5c/bu;
  • Winnipeg canola Nov 2024 down C$13.50/t to C$604.30/t;
  • MATIF rapeseed Nov 2024 down €2.25/t to €468.75/t;
  • ASX Jan 2025 wheat up A$2/t to $353/t;
  • ASX Jan 2025 barley unchanged at $A303.90/t;
  • AUD dollar down 10 points to US$0.6647.


Egypt’s GASC reportedly purchased 470kt in yesterday’s tender including 180kt of Russian wheat at $227/t (-$38/t lower than offer at previous tender), 60kt of Romanian wheat at $229.50/t, 50kt of Bulgarian wheat at $227.50/t all for August shipment and an additional 180kt of Romanian at $230/t for Sept shipment. 

The latest European Commission MARS update noted that rainfall surpluses across the Benelux countries, as well as parts of Germany, France and Italy, have impacted crop development and caused delays to summer crop sowing (up to two months), with heavy rainfall in southern Germany resulting in water-logging and floods in low lying areas. Persistent dry conditions have limited yield potential for winter crops in parts of Hungary, Romania, Ukraine and Russia, where a lasting moisture deficit has negatively affected the yield expectations for winter crops. While yield expectations currently remain positive for Spain, recent heatwaves impacted the condition of winter crops in some eastern regions. The average common wheat yield at the EU level has been revised down 1pc this month to 5.9 t/ha similar to the five-year avg, durum yield was revised down 4pc to 3.3 t/ha, barley was unchanged at 5.1 t/ha which is up 11pc yoy and 4pc above average. Canola yield was revised down 2pc this month to 3.2 t/ha similar to avg. The average corn yield was unchanged this month at 7.55t/ha, up 1pc yoy and 3pc above avg. 

Brazil national agricultural agency, CONAB, reported that as at 23 June, 2023-24 first (full-season) maize harvest was 92pc complete (94pc previous year), with progress in Rio Grande do Sul slowed by rains. Secondary (safrinha) harvest was 28pc complete (11pc), with accelerated fieldwork and positive yields noted in Mato Grosso. Dry conditions aided harvest in Paraná and Goiás but could impact yield potential of late-sown crops. 2024-25 wheat sowing was 68pc complete (69pc), with heavy rainfall hampering sowing in Rio Grande do Sul, with better weather reported in Paraná. 

Black Sea market analyst SovEcon forecast Ukrainian wheat exports to be down 25pc in 2024-25 at 13.6Mt and corn exports to be down 23pc at 22Mt, reflecting a significant reduction in supply due to a decline in area planted and yields. It noted carryover stocks declined amid high export pace in the current season. 

Algeria’s state grains agency (OAIC) seeks 50,000 tonnes of milling wheat for Aug/Oct shipment. 

US private exporters reported sales of 209,931 tonnes of corn to Mexico. Of the total, 22,098 tonnes is for the 2023-24 marketing year and 187,833 tonnes is for 2024-25.


Local markets remain quiet with a feeling that most of the trade are taking a school holiday breather. The ASX Jan 25 wheat contract ended the day up $2/t at $353/t. Parts of SA and western Vic picked up some rainfall in the last 24 hours with more showers expected today and into the weekend.

This week’s line ups data shows that there is currently 2.24Mt of total grain on the stem for June, down from 2.39Mt last week. Wheat moved from 1.1Mt to 992kmt, barley is unchanged at 662kmt, canola is down slightly from 487kmt to 477kmt and sorghum went from 142kmt to 110kmt. Wait times largely decreased last week except for Melbourne and Kwinana, with the overall wait time less than 6 days. There are currently 7 vessels loading and 10 anchored at Australian grain ports.

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