Canola, rapeseed gained about 2 percent. Australian new crop prices made strong gains.

• Chicago December 2024 wheat up US2.5c/bu to 608.75c/bu
• Kansas December 2024 wheat up 1.5c/bu to 614.75c/bu
• Minneapolis December 2024 wheat  down 1.25c/bu to 686.25c/bu
• MATIF wheat December 2024 down €0.75/t to €223/t;
• Corn December 2024 down 0.5c/bu to 474.75c/bu;
• Soybeans November 2024 up 11.75c/bu to 1198.75c/bu;
• Winnipeg canola November 2024 up C$13.80/t to $666/t
• MATIF rapeseed November 2024 up €7.50/t to €461.25/t
• ASX May 2024 wheat up A$7/t to $332/t;
• ASX January 2025 wheat up A$12/t to $350/t
• ASX May 2024 barley unchanged at A$294.50/t;
• ASX January 2025 barley up A$18.70/t to $315/t
• AUD dollar up 26 points to US$0.6540.

The Rosario Grain Exchange reports heavy rainfall was expected to ease across Argentina’s agricultural growing areas during the coming weeks. Some soybean fields were adversely affected by excess water in fields, causing crop condition ratings to fall. Some storm damage to soybean fields in north-eastern Buenos Aires and southern Santa Fe were noted. Maize harvest was also delayed by the overly wet conditions.
Ag Rural reports that Brazil’s 2023-24 soybean harvest was 69pc as of March 21, up 6pc from the previous week but slightly below last year’s 70pc. Harvest is now concentrated in the Matopiba region and Rio Grande do Sul, where producers are reporting good yields. Safrinha corn planting in Brazil’s centre-south is now complete, slightly earlier than last year (96pc). Warm weather and irregular rains are a concern to producers in Paraná state and southern Mato Grosso do Sul state. Despite a drop in temperatures in recent days, rainfall in both states is still lacking. 

Reuters reports that a dispute with federal authorities is preventing around 400kt of grain from being processed and shipped by one of Russia’s biggest exporters. Russian agricultural watchdog Rosselkhoznadzor said there had been an increase in complaints from importing countries about the non-compliance of Russian grain quality with quarantine requirements. TD RIF owner Petr Khodykin said at least 15 ships were stuck as a result of the dispute. Rosselkhoznadzor said on Friday that, since the beginning of 2024, 44 grain export consignments from TD RIF of more than 1Mt had been found to be non-compliant with the requirements of importing countries. 

The European Commission has proposed trade restrictions on grain and oilseed imports from Russia and Belarus, including an import tariff of €95/t for grains, and an ad valorem duty, set at 50pc, on oilseeds and derived products. The measures are still subject to approval by EU member states. Transit through the EU will still be allowed. 

Ukraine Ag Ministry data shows that for the week ending 20 March, cumulative grain exports at 33Mt (-8pc previous year) included wheat at 13.1Mt (+6pc), maize at 17.6Mt (-16pc), and barley at 1.9Mt (-15pc). 

Jordan’s state grain buyer reportedly made no purchase in its 120kt tender which closed yesterday.

Australia

Eastern wheat markets started the week stronger with ASX firming A$12/t as a renewed sense of demand has entered the market where we are seeing a mostly bid side dynamic. Canola was unchanged after an eventful week last week where canola values rallied. Today’s market will also likely be stronger following offshore moves.

Weekly rainfall totals to 25 March between 25mm and 100mm across Qld have delayed sorghum harvest and are causing some concern for crop quality if it keeps raining this week. With the bulk of southern Qld harvest set to get underway this week and next the timing is not great but for later crops the rain will be beneficial.