Daily Market Wire 5 September 2023

Lachstock Consulting, September 5, 2023

The US Labor Day and Canadian Labour Day holidays saw those markets closed. MATIF eased. ASX wheat gained.

  • Chicago wheat December untraded previous close was US595.5c/bu;
  • Kansas wheat December untraded previous close was 722.75c/bu;
  • Minneapolis wheat December untraded previous close was 759.75c/bu;
  • MATIF wheat December down €1/t to €234/t;
  • Black Sea wheat was not quoted. The 11 August settlement, December, was US$249.25/t;
  • Corn December untraded previous close was 481.5/bu;
  • Soybeans November untraded previous close was 1369.25c/bu;
  • Winnipeg November canola untraded previous close was C$811.40/t;
  • MATIF rapeseed November 2023 down €8.25/t to €465.25/t;
  • ASX January 2024 wheat up A$7/t to $410/t;
  • ASX January 2024 barley unchanged at A$350/t;
  • AUD dollar gained 12 points to US$0.6462.


Turkish President Tayyip Erdogan said after talks with Russian President Vladimir Putin on Monday in Sochi he still feels like the grain deal can be renewed, believing they would reach a solution that will meet the expectations in a short time. He said that Russia’s expectations were well known and that Turkey and the United Nations had worked on a new package of suggestions to ease Russian concerns. He said Ukraine needs to soften its negotiating position against Russia and export more grain to Africa rather than Europe. President Putin’s rhetoric has not changed saying he had told President Erdogan Russia will be ready to consider the possibility of reviving the grain deal and would do this as soon as all the agreements on lifting restrictions on the export of Russian agricultural products are fully implemented. 

According to US and allied officials, North Korean leader Kim Jong-un plans to travel to Russia this month to meet with President Putin to discuss military cooperation, including the possibility of supplying Russia with more weaponry for its war in Ukraine. 

Stratégie Grains have revised down its 2023-24 EU canola production forecast by 0.4Mt to 18.9Mt (19.5Mt previous year) reflecting downward revisions for yields and area. Sunflower seed estimate was cut by 0.2Mt, to 10.3Mt (9.3Mt previous year). 

Ukraine’s Ag Ministry reported that for the week ending 1 Sept, 2023-24 wheat exports are at 2.0Mt (1.1Mt previous year), maize at 2.0Mt (2.5Mt) and barley at 480kt (310kt). 

Reuters reports that Egypt’s GASC purchased about 480,000 tonnes of Russian wheat via a private deal at US$270/t c&f.
AgriCensus reported that Algeria’s state grains agency (OAIC) purchased 600,000 tonnes of durum from optional origins at $465-$490/t c&f for Oct-Dec loading.


Local markets started the week a touch softer with low liquidity. Bids were down slightly across the board through new crop wheat and barley. Current crop markets remained largely unchanged with enough liquidity to keep the market active.

ABARES September Crop Report was released today pegging Australian wheat production at 25.4Mt (26.2Mt June), barley at 10.5Mt (9.9Mt June) and canola at 5.2Mt (4.9Mt June). Its first 2023-24 sorghum production forecast is down 39% from last year at 1.5Mt, reflecting the dry outlook.


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