Friday’s offshore wheat markets eased a fraction. Soybeans, canola and rapeseed firmed more than 1 percent. The Dow Jones Industrials Average eased 1 percent.
- Chicago December wheat down US4c/bu to 575.5c/bu;
- Kansas December wheat down 11.75c/bu to 643c/bu;
- Minneapolis Dec wheat down 4.5c/bu to 719.75c/bu;
- MATIF wheat Dec down €1.25/t to €232.25/t;
- Black Sea wheat has not quoted since 11 August;
- Corn December up 1.5c/bu to 480.75c/bu;
- Soybeans May 2024 up 19c/bu to 1346.75c/bu;
- Winnipeg canola May 2024 up C$11.70/t to $708.80/t
- MATIF rapeseed May 2024 up €7.50/t to €448/t;
- ASX January 2024 wheat up A$2/t to $395/t;
- ASX January 2024 barley up A$1/t to A$324/t;
- AUD dollar up 12 points to US$0.6333
Buenos Aires Grain Exchange reported that for the week ending 25 October, Argentine 2023-24 wheat harvest was 7pc complete (3pc previous year) with average productivity at 1.3t/ha. Recent rains will have been beneficial in southern areas following instances of frost. Hampered by recent heavy rains, maize planting was 22pc complete (22pc previous year, 31pc avg), with conditions rated at 76pc fair/excellent (65pc previous year).
Ukraine’s 2023-24 year-to-date grain exports have fallen to 8.72Mt, compared to 12.34Mt over the same period last year, including 4.4Mt wheat (4.7Mt previous), 3.5Mt corn (6.6Mt) and 669kt barley (1.05Mt). The alternative Black Sea export corridor will continue to function despite all threats, Ukraine President Zelenskiy said on Friday. Despite reports of disruptions, the Infrastructure Ministry said on Friday that the lane was operating. Ship-tracking data compiled by Bloomberg showed several vessels heading out from Odesa ports and some moving inbound.
FranceAgriMer noted that as at 23 October, French 2023-24 maize harvest was 85pc complete (96pc previous year, 74pc avg). 2024-25 common wheat planting was 54pc complete (61pc, 53pc) and winter barley at 69pc (78pc, 69pc).
The Indian government will reportedly sell 300kt of wheat from state reserves in each electronic auction from 1 Nov, up from the current 200kt volume.
Friday saw a slightly stronger close to the week with Melbourne markets finishing $2/mt stronger. Southern grower sellers seem to be more willing to sell into the current market as harvest is not far away. So far harvest results have been variable to say the least, with yield and quality yet to find a defined trend.
The BOM eight-day forecast is showing rain starting to build from Friday for north-eastern NSW and southeast Qld with 10-25mm on the radar which will be annoying for those still harvesting and not enough to get overly excited for sorghum planting. Showers are also expected across Vic, with the heavier totals expected in the southeast, with all other cropping regions expected to remain dry.