Daily Market Wire 27 June 2024

Lachstock Consulting June 27, 2024

Canola and rapeseed firmed 2 percent. Corn eased. Wheat firmed a little.

  • Chicago December 2024 wheat up US0.25c/bu to 583c/bu;
  • Kansas Dec 2024 wheat up 3c/bu to 599c/bu;
  • Minneapolis Dec 2024 wheat up 0.5c/bu to 622.5c/bu;
  • MATIF wheat Dec 2024 up €2.75/t to €231.75/t;
  • Corn Dec 2024 down 6.5c/bu to 436.5c/bu;
  • Soybeans Nov 2024 down 4.4c/bu to 1107c/bu;
  • Winnipeg canola Nov 2024 up C$12/t to C$616.30/t;
  • MATIF rapeseed Nov 2024 up €8.50/t to €477.25/t;
  • ASX Jan 2025 wheat unchanged at A$353/t;
  • ASX Jan 2025 barley unchanged at $A303.90/t;
  • AUD dollar up 1 point to US$0.6648.


A Bloomberg survey of seven analysts expects Canada’s 2024-25 wheat area mostly to be unchanged in today’s Statistics Canada June update. Wheat area is expected to be 27.2 million acres (Mac) compared to 27Mac in March, with estimates ranging from 25.6Mac to 28Mac. Canola acreage also seen mostly unchanged at 21.5Mac. 

StatsCan May crush reported 920kt oilseed crushed, down 4pc from April but 20pc higher than May 2023. 

The Manitoba Crop Report for the week ending 25 June noted variable rainfall was recorded across the province, with heavy rainfall in the Southwest, Central and Interlake regions. Accumulated rainfall in most areas has exceeded 150pc of normal since 1 May. Rapid advancement in winter cereal crop development continues and crop conditions are rated as good. 

Congestion at Singapore’s container port is reportedly at its worst since COVID-19, reflecting the impact of prolonged vessel re-routing to avoid Red Sea attacks. Bottlenecks are also appearing in other Asian and European ports. 

Algeria’s state grains agency OAIC is believed to have bought around 130kt to 150kt of milling wheat in yesterday’s international tender at US$248-$250/t c&f. 

Jordan’s state grain buyer reportedly purchased 60kt of milling wheat from optional origins at $256.35/t c&f for Aug shipment and separately seeks wheat for Aug/Sep shipment in a 2 July tender. 

South Korea’s Nonghyup Feed Inc. purchased 65kt feed wheat from optional origins at $266.93/t c&f plus a $1.50/t port unloading surcharge for Oct arrival and 135kt of feed maize from South America at $240/t c&f, for Oct/Nov shipment.


The theme has continued throughout the week with local markets remaining very quiet. The ASX Jan 25 contract ended the day unchanged yesterday at A$353/t. 

NSW’s bird flu outbreak looks to have crossed the border into the ACT and spread to a third commercial egg farm which has been locked down, with the birds on site to be destroyed. 

The BOM’s latest Climate Driver Update notes that the El Niño–Southern Oscillation (ENSO) is currently neutral. Sea surface temperatures in the central Pacific have been cooling since December 2023. Climate models suggest that sea surface temps in the central tropical Pacific are likely to continue to cool for at least the next 2 months. Four of seven models suggest temps are likely to remain at neutral ENSO levels, and the remaining three suggest the possibility of temperatures at La Niña levels from September. The Bureau’s ENSO Outlook is at La Niña Watch due to early signs that an event may form in the Pacific Ocean later in the year.

ABS data released yesterday showed annual inflation increased to 4pc in May, from 3.6pc in April and was above expectations, increasing the chance of an interest rate rise in August.

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