Daily Market Wire 4 April 2024

Lachstock Consulting, April 4, 2024

US wheat markets firmed more than 1 percent.

  • Chicago December 2024 wheat up US9.75c/bu to 613.5c/bu
  • Kansas December 2024 wheat up 13.75c/bu to 605c/bu
  • Minneapolis December 2024 wheat up 10.25c/bu to 675.25c/bu
  • MATIF wheat December 2024 unchanged at €221.75/t;
  • Corn December 2024 up 3.25c/bu to 471.25c/bu;
  • Soybeans November 2024 up 7.75c/bu to 1184.75c/bu;
  • Winnipeg canola November 2024 down C$0.70/t to $651.40/t
  • MATIF rapeseed November 2024 up €1/t to €458.50/t
  • ASX May 2024 wheat up A$3.50/t to $328.50/t;
  • ASX January 2025 wheat down A$1/t to $347/t
  • ASX May 2024 barley up A$10.50/t to $305/t;
  • ASX January 2025 barley down A$1/t to $310/t
  • AUD dollar up 47 points to US$0.6565.


Reuters reported that Russian authorities have halted grain exports on some ships belonging to major local grain trader, Aston, widening a quality probe which has already curbed another exporter TD RIF. One TD RIF vessel has since been cleared. Two Aston vessels were not given phytosanitary clearance following an increase in complaints from importing countries about the non-compliance of Russian grain quality. 

Price reporter AgriCensus estimated that for the week ending 28 March, wheat shipments from Russian deep-sea ports totalled 724,796t including 307,071t to Egypt, 106,650t to Sri Lanka. Cumulative 2023-24 wheat exports were estimated at 37.8Mt, up 15pc compared to the same period last year. 

A USDA Foreign Agriculture Service attaché in Beijing forecast China’s corn and wheat production to increase in 2024-25. It pegged corn production at 296Mt, 2pc higher yoy due to improved yields and a slightly larger area, and wheat production at 138Mt (+1pc) on better yields. It forecast corn imports 3Mt lower yoy and wheat imports unchanged. Lower corn prices will encourage higher corn use in animal feed and lower wheat use. 

Jordan made no purchase in a recent 120kt international milling wheat tender and issued a new tender yesterday closing 16 April for the same quantity. 

Iranian state feed importer SLAL issued international tenders for 120kt each of corn, soybean meal, and feed barley, for June-July shipment. 

Tunisia issued an international tender for 50kt of milling wheat for shipment from late April-late May.


East coast values were a touch stronger yesterday with ASX May 24 firming $3.50/t to settle at $328.50/t. Demand for wheat in Qld seems to be lagging as bids are hard to come by. Some consumers are reportedly switching out of wheat to own more off-grade sorghum ahead of the expected downgrades. 

We are hearing more reports of damaged sorghum after the wet conditions in Qld and parts of northern NSW. We are seeing different segregation’s opening up with mould detected in some samples. More heavy rain is forecast for today and into the weekend across sorghum growing regions with 50-150mm expected. SOR1 values have rallied slightly as quality grain is being chased by shorts in the markets.


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