Daily Market Wire 28 April 2023

Lachstock Consulting, April 28, 2023

Wheat prices fell another 2pc.  Corn, canola, rapeseed feel about 3pc.

  • Chicago wheat December 2023 contract down US13.75 cents per bushel to 658c/bu;
  • Kansas wheat December 2023 contract down 17.75c/bu to 766.25c/bu;
  • Minneapolis wheat December 2023 down 21.75c/bu to 800.25c/bu;
  • MATIF wheat December 2023 down €6.25/t to €240.50/t;
  • Black Sea wheat December 2023 down US$1.25/t to $288.50/t;
  • Corn July 2023 contract down 19.5c/bu to 581.5c/bu;
  • Soybeans July 2023 contract down 11c/bu to 1403.75c/bu;
  • Winnipeg canola July 2023 contract down C$26.30/t to $708.60/t;
  • MATIF rapeseed August 2023 contract down €12.25/t to €440/t;
  • ASX January 2024 wheat contract down A$1/t to $385/t;
  • ASX January 2024 barley contract unchanged at A$330/t;
  • AUD dollar gained half percent to US$0.6631


The EU Commissioner for Agriculture reported EU Agriculture Ministers expected to approve a temporary import ban on wheat, maize, rapeseed, sunflowerseed and sunflowerseed oil from Ukraine into Hungary, Slovakia, Bulgaria, Romania and Poland, likely to take effect from 5 June until the end of the year. 

US private exporters reported cancellation of another 233,000t corn sales to China for the 2022-23 marketing year. 

US weekly 2022/23 wheat sales of 155,700t were down 40pc from the previous week and 7pc from the prior 4-week average. Corn sales of 400,000t were up 28pc from the previous week, but down 49pc from the prior 4-week average. Soybeans sales of 311,300t were up noticeably from the previous week and up 38pc from the prior 4-week average. 

Refinitiv Commodities Research revised its Brazilian corn crop forecast upward by 0.7Mt to 124.6Mt citing warm, dry weather favouring first (full season) and second (safrinha) crops. It increased the soybean forecast by 0.6Mt to 153.2Mt again citing favourable weather. 

Wheat purchases from the 2022-23 crop by the Indian government rose to 19.5Mt as of April 26, compared with 18.8Mt a year earlier, according to a ministry statement this week. 

In Iraq the state grain buyer bought 150,000t milling wheat from Australia, at an estimated US$387/t cif, it was reported.   

South Korean flour millers reportedly purchased around 77,000t US milling wheats, including 31,165t SW (8.5pc-11.0pc protein) at an estimated $269-$280/t fob, 19,160t HRS (11.5pc) at $335-$340/t fob and 26,675t DNS (14pc) at $339-$342/t fob, 50,000t from Australia, for Aug shipment, including ASW in the high $280s/low $290s per tonne fob and hard wheat, bought in the low $320s per tonne fob. 


Canola found some strength in yesterday’s markets with most of the offshore gains passed on. Wheat held its ground mostly in the face of a softer offshore market in that commodity. Liquidity is still thin as growers are still focused on sowing.

USDA Foreign Agriculture Service forecast Australia’s 2023-24 wheat production at 29Mt (-10Mt) and exports at 23Mt (-7Mt) and barley production at 10Mt (-4Mt) with exports at 5Mt (-3Mt). 

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