Daily Market Wire 4 September 2023

Lachstock Consulting, September 4, 2023

Wheat markets eased. Corn and oilseeds tended firmer. Brent crude price gained.

  • Chicago wheat December down US6.5 cents per bushel to 595.5c/bu;
  • Kansas wheat December down 4.5c/bu to 722.75c/bu;
  • Minneapolis wheat December down  7c/bu to 759.75c/bu;
  • MATIF wheat December down €1.50/t to €235/t;
  • Black Sea wheat was not quoted. The 11 August settlement, December, was US$249.25/t;
  • Corn December up 3.25c/bu to 481.5/bu;
  • Soybeans November up 0.5c/bu to 1369.25c/bu;
  • Winnipeg November canola contract up C$2.70/t to $811.40/t;
  • MATIF rapeseed November 2023 up €4.75/t to €473.50/t;
  • ASX January 2024 wheat down A$0.50/t to $403/t;
  • ASX January 2024 barley unchanged at A$350/t;
  • AUD dollar eased 34 points to US$0.6450.


Russian drones hit Danube River port infrastructure in the early hours of Sunday morning, injuring at least two people. Officials did not give details of which port facility was hit but some Ukrainian media reported blasts in the Reni port. The military said a fire that resulted from the attack at the facility was quickly extinguished. 

Russian President Putin will reportedly hold talks with Turkish President Erdogan today in Sochi, as Turkey and the United Nations try to revive the Black Sea grain deal. The UN Secretary General sent “a set of concrete proposals” ahead of the meeting in an effort to get Russia back to the table.

The EU Ag Commissioner supported an extension to the suspension of Ukrainian grain imports until the end of 2023, as proposed by five member states, including Poland, Bulgaria, Hungary, Romania and Slovakia. The Commissioner suggested the EU should subsidise the transit costs of Ukrainian grain to some EU ports.

The Buenos Aires Grain Exchange noted that for the week ending 30 August, 2023-24 wheat conditions fell to 77pc fair/excellent (85pc previous week, 77pc previous year), with crops impacted by the lack of rain and recent frosts in central and southern cropping areas. However, forecast rains in the first half of September should support crop potential.

The Saskatchewan Crop Report for the week ending 28 August noted that harvest progressed at a brisk pace, with fieldwork most advanced in the southwest, while progress in the northwest was hampered by excessive moisture. Winter wheat was 89pc complete (68pc previous year), spring wheat at 26pc (16pc), durum at 48pc (51pc), barley at 46pc (28pc) and canola at 10pc (8pc). 

Egypt’s GASC reportedly purchased 240,000t wheat from the EU, including 120,000t from France at US$259/t fob and 120,000t from Romania at $261/t fob. 

Tunisia’s state grains agency reportedly purchased 100,000t durum at $426-$432/t c&f and 50,000t feed barley at $230/t c&f for Sep/Oct shipment.


Local new-crop wheat and barley markets finished the week a touch softer on Friday while canola markets were pretty quiet. We are still seeing low liquidity through new-crop markets, while current-crop grain is coming to market to keep buyers and sellers satisfied. 

The GIAV AGM and annual luncheon was held on Friday at the Royal Melbourne Yacht Club, with a great turn out of traders, country merchants, bulk handlers and domestic end users. S&D updates and panel discussion was the key take-away for the day with the positive feedback around the Victorian crop conditions at the moment. 

August rainfall was below average for the southern two-thirds of Queensland, most of New South Wales, Victoria and South Australia and south-western Western Australia. August rainfall was very much below average, and in the driest 10pc of historical observations, for most of the Darling Downs and Granite Belt extending into surrounding districts, parts of the Upper Western district of NSW, south-west Vic, and parts of south-west WA. 


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