It is being reported that India is considering importing 9Mt of wheat from Russia via a government-to-government deal in a bid to increase domestic stocks as they continue to battle high domestic prices. 

The Ukrainian Grain Traders Union have revised up its 2023-24 total grain and oilseed crop forecast by almost 8Mt to 76.8Mt. The Union says production will likely include 26.9Mt of corn, 20.2Mt of wheat, 5.2Mt of barley, 13.9Mt of sunflower seeds and 3.9Mt of rapeseed. The revision is attributed to favourable weather conditions and better-than-expected crop yields. It expects total exports of 48Mt in 2023-24, down from 58Mt in 2022-23.

StoneX estimates the US corn crop at 15.274 billion bu. (388Mt vs USDA 389Mt) on an average yield of 177 bu. per acre. Both the yield and production would be records. They pegged the US soybean crop at 4.173 billion bu. (113.6Mt vs USDA 117Mt) on a yield of 50.5 bu. per acre. 

The German Farmer Association, DBV, reported that above average rainfall in most of Germany in the past two weeks had interrupted harvests. Winter barley harvest was largely done, but less than a fifth of wheat and rye had been harvested and about half of rapeseed was also yet to be harvested. Drier weather is urgently needed in the coming weeks.

GASC’s 360,000t wheat purchase this week brings total for the 2023-24 season to 650,000t compared to 2.55Mt over the same period last year. Despite this, Egypt’s Supply Ministry says that strategic wheat reserves are seen as sufficient to last for a period of six months. 

US weekly wheat sales of 421,300t for 2023-24 were up 81% from the previous week and 40% from the prior 4-week average. Corn sales of 107,500t for 2022-23 were down 66% from the previous week and from the prior 4-week average. Sales for 2023-24 were reported at 348,900 t. Soybean sales of 90,600t were reported for 2022-23 and 2.63Mt for 2023-24 primarily for unknown destinations. 

Japan’s MAFF purchased a total of 86,290t milling wheat from the US and Canada in a regular tender that closed on Thursday. 

Australia

Local new crop wheat markets drifted a touch lower yesterday while current crop markets tracked sideways. Barley values also largely were unchanged for the day on new and current crop. 

WA picked up some much-needed rainfall with large parts of the central and southeast regions registering 10-25mm. The Midlands missed out with less than 10mm. The south received 25-50mm. The timing of this rainfall was crucial for many and will keep crops advancing but more rain is needed. There are more showers on the 8-day forecast across the southern cropping regions but are mostly less than 10mm. Northern NSW and QLD have nothing on the radar with the dry conditions and daytime temps up to 27° certainly starting to take their toll.