Daily Market Wire 6 June 2024

Lachstock Consulting, June 6, 2024

Markets eased again.

  • Chicago December 2024 wheat down 10.75c/bu to US695c/bu;
  • Kansas Dec 2024 wheat down 10.75c/bu to 710.5c/bu;
  • Minneapolis Dec 2024 wheat down 11.25c/bu to 737.75c/bu;
  • MATIF wheat Dec 2024 down €4/t to €260/t;
  • Corn Dec 2024 down 3c/bu to 459c/bu;
  • Soybeans Nov 2024 down 5.5c/bu to 1150.5c/bu;
  • Winnipeg canola Nov 2024 down C9.20/t to C$642/t;
  • MATIF rapeseed Nov 2024 down €3.25/t to €476.25/t;
  • ASX Jan 2025 wheat down A$6/t to $386/t;
  • ASX Jan 2025 barley unchanged at $339/t;
  • AUD dollar down 2 points to US$0.6647.


Algeria’s state grains agency OAIC reportedly purchased 840kt of milling wheat in an international tender on Tuesday at US$279/t to $279.50/t c&f, mostly Black Sea origin (Ukraine, Romania, Bulgaria) and some cargoes expected to be sourced from France. 

Brazil’s Conab reports that as at 2 June, 2023-24 soybean harvest was 99pc complete (100pc previous year). Fieldwork was concentrated in southern regions of Rio Grande do Sul, where high humidity has caused crop damage, and some fields were abandoned. First (full-season) maize harvest 82pc complete (83pc previous year). Owing to high moisture levels, little progress was made in Rio Grande do Sul, with farmers giving priority to soybeans. Farmers noted quality losses due to the presence of mycotoxins. Harvest in Goias and Minas Gerais are complete. Harvest of the second (safrinha) maize crop 4pc complete (1pc). Fieldwork made good progress in Mato Grosso, where good yields were noted, while rains in Parana aided crop development. 2024-25 wheat planting 36pc complete (41pc), with fieldwork in Rio Grande do Sul yet to get underway. In Parana, sowing was more than halfway amid favourable conditions. Soybean losses related to recent floods in Rio Grande do Sul have been estimated at 2.71Mt, by crop agency Emater which is in line with other estimates ranging from 2.8Mt to 3Mt. 

The Manitoba Crop Report for the week ending 2 June noted that rains were variable across the province, with the highest totals across the Central region. Since 1 May, the entire province received more than 100pc of normal precipitation, with some areas more than 150pc. 2024-25 sowing estimated at 83pc complete (87pc previous year, 88pc five-year avg), including spring wheat at 94pc, maize at 95pc, barley at 88pc and canola at 71pc. 

Soybean export sales from Argentina nearly doubled in May due to drier conditions and improving international prices, according to a government report. Sales reached 5.33Mt in May, up 90pc from April, although year to date sales at 39pc of this year’s estimated 49.7Mt production is the slowest pace in nine years. 

According to Ukraine Ag Ministry data, cumulative 2023-24 grain exports were at 47.4Mt by June 5, up from 45.6Mt exported by the same date in 2023.


Eastern wheat values had a softer tone again yesterday with Melbourne ASW1 down $2-4/t for the day. Seller liquidity is still trickling out but certainly not picking up as values drift lower. The ASX Jan 25 wheat contract ended the day down $6/t at $386/t.

ABS data released yesterday showed that Australia’s GDP rose 0.1pc in the first quarter of 2024. On an annual basis, the economy grew 1.1pc, its lowest since December 2020.

This weeks lineups data shows 2.49Mt of total grain on the stem for June, up from 2.35Mt last week. Wheat volume went from 1.15Mt to 1.23Mt, barley moved from 598kt to 626kt, canola went from 598kt down to 524kt, and sorghum from 162kt to 107kt. Wait times at Australian grain ports have largely decreased, with the overall average wait time less than 7 days, with 5 vessels anchored and 10 loading.


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