Daily Market Wire 6 November 2023

Lachstock Consulting, November 6, 2023

Grains and oilseeds firmed on Friday and the US dollar index eased again. The Australian dollar firmed another 1 percent, nudging 3 percent gain in the first three days of November.

  • Chicago December wheat up US7c/bu to 572.5c/bu;
  • Kansas December wheat up 2c/bu to 643.5c/bu;
  • Minneapolis Dec wheat up 10.25c/bu to 721c/bu;
  • MATIF wheat Dec up €1.25/t to €233.50/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December up 7.25c/bu to 477.25c/bu;
  • Soybeans May 2024 up 24.25c/bu to 1379c/bu;
  • Winnipeg canola May 2024 up C$8.40/t to $706.70/t;
  • MATIF rapeseed May 2024 up €6.75/t to €451/t;
  • ASX January 2024 wheat down A$2/t to $383/t;
  • ASX January 2024 barley up A$2.50/t to $325/t;
  • AUD dollar up 79 points to US$0.6513.


Buenos Aires Grain Exchange reports that for the week ending 1 Nov, 2023-24 wheat harvest was 9pc complete, with conditions rated 45pc fair/excellent (43pc previous week, 36pc previous year). Recent precipitation was deemed insufficient to reverse frost and drought damage, with forecast production cut by 0.8mmt, to 15.4mmt (12.2mmt previous year). Maize planting was 23pc complete (23pc previous year), with conditions rated 87pc fair/excellent (76pc previous week, 62pc previous year). Rain around mid-October was beneficial for early crop sowing in the centre. Planting of late varieties was expected to get underway at the end of November. 

FranceAgriMer reports that as at 30 Oct, national 2024-25 common wheat planting was 62pc complete (81pc previous year, 72pc five-year avg) and winter barley at 76pc (91pc, 83pc). Harvest of 2023-24 maize was 90pc complete (99pc, 84pc). Crop conditions were rated at 83pc good/excellent (42pc previous year). 

The UN FAO global food price index was down 0.7 in October, the lowest level since March 2021, as declines in the price of sugar, cereal grains, vegetable oils and meat more than offset a rise in dairy. 

Reuters reported that China’s soybean imports are likely to stay high through the fourth quarter, taking 2023 purchases to a record 105mmt, with 45pc of those cargoes expected to be from Brazil. It said record Brazilian soybean supplies are expected to dominate China’s imports in the last three months of the year, citing better oil and meal quality, reducing demand for US soybeans. Lacklustre demand from hog farms is likely to reduce Chinese purchases in early 2024. 

South Korean flour millers reportedly purchased 50,000t milling wheat from the US, including 22,910t SW (9.5pc-11pc protein), at $259.59/t fob, 690t SW (9pc), at $279.06/t fob, 9,920t HRW (11.5pc), at $290.45/t fob, and 16,480 tonnes DNS (14pc), at $319.11/t fob, Feb shipment. 

Japan’s MAFF purchased 113,506t milling wheat, including 25,090t WW and 20,686t DNS (min. 14pc protein) from the US, 34,950t CWRS (13.5pc) from Canada, and 32,780t ASW from Australia, Feb arrival.


Aussie values continue to be pressured lower with the ASX eastern Australia January wheat contract ending the week down another $2/t at $383/t. Values are down another $3/t today, largely reflecting the bounce in the Aussie dollar.

We saw some excellent, albeit patchy rainfall totals over the weekend across southeast Qld with 25-50mm received across the Downs, with some pockets receiving up to 80mm. There is more rainfall on the forecast for central and southwest Qld in the coming days. Rainfall 08totals for the coming week will likely encourage sorghum planting if they stack up to the forecast. There is also 10-25mm on the forecast for central/southern NSW and eastern Vic which will impact harvest progress.



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  1. Great to see Australian farmers still grew a large crop even after facing drought conditions. Also great to see open access to the Chinese market again. They are our brothers. Only us Canadians are tougher since we live and deliver grain thru -40……:)

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