Canola eased almost 3 percent.
- Chicago December 2024 down US6.25 cents per bushel to US549c/bu;
- Kansas Dec 2024 wheat down 3c/bu to 566.25c/bu;
- Minneapolis Dec 2024 wheat down 6.25c/bu to 603.25c/bu;
- MATIF wheat Dec 2024 down €1/t to €222.75/t;
- Corn Dec 2024 down 7.25c/bu to 405c/bu;
- Soybeans Nov 2024 down 18.25c/bu to 1021.25c/bu;
- Winnipeg canola Nov 2024 down C$17.20/t to C$617.70/t;
- MATIF rapeseed Nov 2024 down €4.50/t to €472/t;
- ASX Jan 2025 wheat up $A1/t to $338.50/t;
- ASX Jan 2025 barley down $A2/t to $300/t;
- AUD dollar down 11 points to US$0.6538.
International
The Rosario Grains Exchange reported that freezing temperatures in Argentina’s main agricultural region has exacerbated 2024-25 wheat crop conditions, which are suffering from the impact of major drought. Its head of agricultural estimates said temperatures of minus 4 °C had been experienced in the northern area of Buenos Aires province. July is shaping up to be the driest in nearly 60 years.
Brazil national agricultural agency Conab reported that as at 28 July, 2023-24 first (full-season) maize harvest was 99pc complete (99pc previous year). Second (safrinha) maize crop was 86pc complete (57pc). Harvest is largely complete in northern parts of Mato Grosso, with higher than expected yields. Favourable weather aided crop development and fieldwork in Paraná. 2024-25 wheat sowing was 99pc complete (100pc), with dry weather favouring fieldwork in Rio Grande do Sul and Santa Catarina.
According to the Ukraine Agricultural Minister, late 2024-25 crop yields could be down 15pc this year in some southern and eastern areas owing to the impact of especially hot conditions. However, due to potentially better results elsewhere, Ukraine average productivity may fall by just 5pc.
Crop consultant Michael Cordonnier left his US corn yield and production forecasts at 181.5 bu. per acre and 14.97 billion bu., respectively, noting July was generally favourable for corn pollination. Dr Cordonnier kept his soybean yield and production estimates at 52 bu. per acre and 4.39 billion bu., respectively, saying August weather must remain favourable to achieve strong yields.
The Bloomberg Commodity Spot Index is heading for its biggest monthly decline since 2023, erasing its gains for this year, partly driven by worries about the health of the Chinese economy and its impact on demand for global commodities.
Jordan reportedly purchased 50kt of wheat at US$256.25/t, for arrival in first half of October and issued a new tender for 120kt of wheat (Aug 6).
Japan’s MAFF is seeking 119,145 tonnes of milling wheat from the US, Canada and Australia in a regular tender that will close on Thursday.
Tunisia’s state grain importer has reportedly awarded 125kt of milling wheat and 50kt of durum in a total of seven cargoes in two separate international tenders. No price details were reported.
Australia
We saw local markets mostly tread water yesterday on the east coast. APW1 Port Kembla traded to A$345/t, while the ASX Jan 25 wheat contract settled at $338.50/t reflecting the current NSW crop potential. Major frosts throughout NSW and Vic this week are not a huge concern for overall yield but are certainly flag going forward of what may be ahead when crops are in a more susceptible growth stage.
This week’s line ups data shows 2.29Mt of total grain on the stem for July, down slightly from 2.31Mt last week reflecting a drop in wheat. Wheat is down to 1.49Mt, barley and canola are unchanged 96kt and 285kt respectively and sorghum is up slightly to 324kt. The current average vessel wait time is less than 10 days and there are 8 vessels loading and 3 anchored at Australian grain ports.
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