International

Stratégie Grains cut its 2024-25 canola production estimate by another 0.5Mt, now seen at 17.3Mt (20.0Mt previous year), sunflowerseed was cut by 0.8Mt to 9.7Mt (9.8Mt) and soybean production was left unchanged at 3.0Mt (2.9Mt). 

France’s agriculture ministry is reportedly assessing the impact of prolonged poor seasonal conditions on this year’s grain harvest to provide farmers with insurance support against potential losses. The government is in close contact with insurers in the sector to assess risks, as harvest is still underway and field reports vary greatly depending on the area and the nature of the crops. 

The Alberta Crop Report for the week ending 23 July noted that prolonged hot weather has impacted crop condition ratings with spring wheat rated good/excellent falling to 60pc (73pc week ago, 45pc previous year), barley fell to 56pc (73pc, 42pc) and canola at 49pc (72pc, 42pc). Rainfall during the week was sporadic and mostly concentrated in western regions with more needed across the province. 

Buenos Aires Grain Exchange reported that for the week ending 24 July, 2023-24 maize harvest was 87pc complete (68pc previous year), with average yields at 6.5t/ha. Productivity in Córdoba province is similar to the five-year average, but below average in the central/northern region, with slightly lower than average productivity in the south. 2024-25 wheat planting was 99pc complete (96pc), with fields rated at 39pc fair/excellent. Conditions worsened in early planted fields due to a lack of moisture and low temps. Barley sowing was 97pc complete (90pc), with most activity concentrated in the south. 

South Korea’s Major Feedmill Group (MFG) reportedly purchased 60k of soymeal, from South America, at US$430.97/mt c&f, for arrival in late January.

Australia

Western Australian prices started the week with some heavy losses, canola prices the worst affected. Nearby bids were down A$20/mt for both non-GM and GM seed. New crop losses were similar, down around $15/t for non-GM and $25/t for GM. Cereal bids also eased, with new crop and nearby wheat losing $6/mt to be bid $356/t and $364/t respectively. Barley fared a little better with bids down around $2/t for both new cop and nearby. 

East coast canola values recorded similar losses as the west, with nerby values down around $20-30/mt from Friday’s bid. Losses were similar for new crop, with bids back to $727/t for non-GM. Cereals in the east were largely unchanged with slight losses seen for new crop.