Markets

Daily Market Wire 27 May 2024

Lachstock Consulting, May 27, 2024

Wheat firmed. Canola and rapeseed eased almost 1 percent.

  • Chicago December 2024 wheat up US0.75c/bu to 739.25c/bu;
  • Kansas Dec 2024 wheat up 10.75c/bu to 753.25c/bu;
  • Minneapolis Dec 2024 wheat up 8c/bu to 777c/bu;
  • MATIF wheat Dec 2024 up €2.75/t to €266.50/t;
  • Corn Dec 2024 up 1.75c/bu to 488.25c/bu;
  • Soybeans Nov 2024 up 3.5c/bu to 1219.5c/bu;
  • Winnipeg canola Nov 2024 down C6.40/t to C$687.10/t;
  • MATIF rapeseed Nov 2024 down €3.75/t to €499/t;
  • ASX Jan 2025 wheat unchanged at $400/t;
  • ASX Jan 2025 barley up $3/t to $348.50/t;
  • AUD dollar up 21 points to US$0.6628.

International

Russia continued to strike Ukraine, with Ukraine’s air force reportedly destroying 12 missiles and 31 drones launched by Russia during its latest overnight air attack. Ukraine said the missiles and drones had been shot down over parts of southern, central, western and northern Ukraine. 

Buenos Aires Grain Exchange reported that for the week ending 22 May, 2023-24 maize harvest was 28pc complete (29pc year ago), with conditions rated at 51pc fair/excellent (54pc, 46pc). Soybean harvest was 78pc complete (64pc, 87pc), with crops rated at 72pc fair/excellent (72pc, 60pc). Fieldwork is mainly concentrated in northern regions, central-eastern Entre Ríos, parts of Buenos Aires and southern La Pampa, with average yields estimated at 3.1t/ha. Sorghum harvest was 42pc complete (34pc year ago), with average yields estimated at 4.4t/ha. High humidity has caused some sprouting, potentially impacting yields of later sown crops.

Saskatchewan Crop Report noted that for the week ending 20 May, 2024-25 spring crop planting was 56pc complete (68pc previous year, 76pc five-year avg), with fieldwork most advanced in the southwest. Recent rainfall improved soil moisture and aided crop development. Topsoil moisture was rated 95pc surplus/adequate (90pc week ago) and 5pc short (10pc). Early planted fields were showing good emergence in much of the province. Crop development was seen as normal in most areas, but wet and cooler weather led to a slower rate of development in some parts. 

FranceAgriMer reported that as at 20 May, the 2024-25 common wheat crop condition was rated 63pc good/excellent (64pc previous week, 93pc previous year), durum 64pc (66pc, 86pc), winter barley 66pc (66pc, 90pc) and spring barley 73pc (74pc, 95pc). Maize planting was 78pc complete, much slower than last year’s pace when 93pc was in the ground and the 5-year avg of 96pc, reflecting the ongoing wet conditions.

Australia

The eastern Australian market continued to firm, finishing the week around $A3-5/t firmer with ASX contracts at $385/t for July-24 and $403/t for Jan-25 by the end of Friday. Stronger feed grain values took over the market with corn again finding some bid pressure as livestock producers looked for supplementary feed. 

The 8-day rainfall map is starting to look promising with moisture building for nearly all winter cropping regions. After receiving some showers over the weekend WA is expected to pick up further rain throughout the week and into the weekend with totals of between 5-50mm expected, while the totals for SA are only expected to be between 5-15mm. Most of Vic and NSW has between 10-25mm on the forecast with higher totals of 25-50mm for some pockets. Qld is forecast to receive 5-15mm.

 

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