Daily Market Wire 28 June 2024

Lachstock Consulting June 28, 2024

US wheat markets firmed at least 2 percent. Canola and rapeseed firmed a little. Corn eased again.

  • Chicago December 2024 wheat up US18.5c/bu to 601.5c/bu;
  • Kansas Dec 2024 wheat up 12.5c/bu to 611.5c/bu;
  • Minneapolis Dec 2024 wheat up 14c/bu to 636.5c/bu;
  • MATIF wheat Dec 2024 up €3.25/t to €235/t;
  • Corn Dec 2024 down 3.75c/bu to 433.75c/bu;
  • Soybeans Nov 2024 down 2.25c/bu to 1104.75c/bu;
  • Winnipeg canola Nov 2024 up C$4.80/t to C$621.10/t;
  • MATIF rapeseed Nov 2024 up €2.25/t to €479.50/t;
  • ASX Jan 2025 wheat down A$1/t to $352/t;
  • ASX Jan 2025 barley unchanged at $A303.90/t;
  • AUD dollar down 1 point to US$0.6647.


The StatsCan June report held no real surprises with a drop in barley being the most notable change. Lower acres were advised for most cereal crops. 

All eyes now are on the USDA stocks and acreage report to be released today which will contribute to market direction. 

Warmer, drier conditions returning to the Black Sea have resumed the chances for slight losses in yield over the upcoming week. 

Concern in China around domestic corn numbers due to flooding in the East Heilongjiang province. Persistent overnight high temperatures also are playing havoc in other cropping areas. 

Brazil’s conditions have continued to be seasonably warm and dry; this has so far had minimal impact on the safrina yield due to the late stage of development of the crop.  

Canadian spring wheat condition is rated 86% good/excellent with Sask Ag calling it the highest since 2016. 

Presidential elections today are being held in Iran which has implications for the oil market, depending on the outcome.  

Today in international markets could be a day of high volatility if we follow past years’ trends, with a big market short will be something to watch.  

China currently is in negotiations with the EU to see if the parties can find a mutually acceptable solution to the preliminary tariffs on Chinese electric vehicles set to begin on 4 July.  

US farmers, in talks with the Department of Agriculture, want to see how they can improve their assessment of climate-friendly farm practices before a planned clean fuels tax credit scheme is implemented in 2025.  

IGC forecast world grain carryouts at the end of 2024-25 season 1pc less than the tightest recorded in a decade, although this month it has moved up slightly to 582 million tonnes.


It was another lacklustre day yesterday. Eastern Australian bids mostly were unchanged. 

Cool conditions have slowed crop growth, which is good news for NSW, although Victorian crops are heading into July/Aug with little to no bio-mass and a scratchy forecast. 

There was a slight drop in the wheat and barley markets in WA yesterday. Canola markets increased across the board, gaining some ground from the drop experienced over the past week.  

Minimal rain is forecast for cropping areas over the next eight days with most expecting 5-15mm. NSW and central Victoria are the exception, forecasting up to 50mm.

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