Daily Market Wire 4 June 2024

Lachstock Consulting, June 4, 2024

Canola fell 4 percent, soybeans 2pc.

  • Chicago December 2024 wheat down 5c/bu to US718.5c/bu;
  • Kansas Dec 2024 wheat down 9c/bu to 732.75c/bu;
  • Minneapolis Dec 2024 wheat down 5.5c/bu to 759.25c/bu;
  • MATIF wheat Dec 2024 down €0.25/t to €264.50/t;
  • Corn Dec 2024 down 4.25c/bu to 462.75c/bu;
  • Soybeans Nov 2024 down 20.75c/bu to 1163.75c/bu;
  • Winnipeg canola Nov 2024 down C26/t to C$657.20/t;
  • MATIF rapeseed Nov 2024 down €7.50/t to €488/t;
  • ASX Jan 2025 wheat down A$2/t to $394/t;
  • ASX Jan 2025 barley unchanged at $339/t;
  • AUD dollar up 36 points to US$0.6689.


USDA rated US corn crop condition 75pc good to excellent, equal to the highest in five years. This time last year the crop was pegged at 64pc. Corn planting was 91pc complete vs 83pc last week and 95pc a year ago. Winter wheat was 6pc harvested, 49pc good to excellent (5 yr avg 47pc), spring wheat was 74pc good to excellent vs 64pc last year. 

Russian temperature conditions in the southern two thirds of the winter wheat belt are hot. Much of the belt will see temps 8°C above normal for the next 10 days. Rainfall forecast is predicted to be near normal over the same period. Ukraine rainfall is forecast below normal. On the other side of the belt, Siberia and Kazakhstan have been extremely wet, slowing spring wheat planting. 

Canadian conditions look excellent with current cumulative rainfall tracking 2022, a year that produced a wheat crop just over 34Mt. 

September live hogs on China’s Dalian Exchange made new contract highs yesterday, before closing back in the range.


ABARES forecast the Australian wheat crop at 29.1Mt (LSC 30.125Mt), barley 11.5Mt (LSC 12.179Mt), canola 5.4Mt (5.6Mt). Its chickpea estimate, at 1.1Mt, is 46pc above the 10-year average. 

Local markets had a softer start to the week with ASX eastern Australia wheat down A$2/t yesterday ($384 July 24). 

The rain event was widespread with most receiving falls although there was still some disappointment in parts of SA/WA where minimal falls were recorded. 

Northeastern Victoria and SNSW scored very handy rains to get the program back on track.


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