Brent crude oil fell 5 percent. Grains and oilseeds eased.

• Chicago wheat December eased US8.5c/bu to 560c/bu;
• Kansas wheat December eased 16.75c/bu to 666.5c/bu;
• Minneapolis wheat December eased 13.75c/bu to 711.75c/bu;
• MATIF wheat December eased €2.50/t to €234/t;
• Black Sea wheat has not quoted since 11 August;
• Corn December eased 1.5c/bu to 486c/bu;
• Soybeans May 2024 eased 0.5c/bu to 1320.25c/bu;
• Winnipeg November canola eased C$6.60/t to C$710.80/t;
• Winnipeg May 2024 canola eased C$3.90/t to C$732.50/t;
• MATIF rapeseed November 2023 eased €8.25/t to €439/t;
• MATIF rapeseed May 2024 eased €2.75/t to €459.25/t;
• ASX January 2024 wheat eased A$4.50/t to $408/t;
• ASX January 2024 barley unchanged at A$352.30/t;
• AUD dollar gained 23 points to US$0.6325

International

According to Ukraine’s Ag Minister, talks with counterparts from Lithuania and Poland were positive. Ukraine intends to speed up exports of grains, oilseeds and other agricultural products in a new arrangement that will see some border checks shifted from its border with Poland to the port of Klaipeda in Lithuania.

Russia’s Ag Ministry reported that as at 2 Oct, the 2023-24 wheat harvest had yielded 89Mt from 88pc of total area with average yields at 3.4 t/ha (-6pc y/y). Barley harvest was 92pc complete, totalling 21Mt, with average yields at 2.9t/ha (-7pc). Rapeseed harvest was 76pc complete yielding 3.6Mt, with average productivity at 2.2t/ha and sunflowerseeds was 21pc done, yielding 7.4Mt, with average productivity at 1.9 t/ha (-5pc). 

The Manitoba Crop Report noted that for the week ending 3 October, spring wheat harvest was 99pc complete (85pc previous year), barley 100pc (96pc) and canola 86pc complete (58pc). 

European Commission data show that for the week ending 1 October cumulative 2023-24 wheat exports were 7.4Mt, down 26pc compared to the same time last year and imports at 2.7Mt were up 91pc. Barley exports at 2.5Mt were down 20pc and canola imports of 0.9Mt were down 41pc.

Oil prices plunged yesterday as the US Energy Information Administration (EIA) reported that finished motor gasoline supplied, which is seen as a proxy for demand, fell last week to its lowest level since the start of this year reflecting the impact of higher prices. Seasonally, US gasoline consumption is at the lowest level in 22 years, according to a report by JP Morgan. 

Algeria’s state grains agency reportedly seeks 60,000 tonnes of maize from Argentina or Brazil, for Oct shipment, and 30,000 tonnes of feed barley from unspecified origins, for shipment by the end of Nov.