Ukrainian railways have partially restricted cargo movements to Ukraine’s major Danube River port Izmail, after Russian drone strikes over the weekend. 

Poland’s Agriculture Minister has told reporters that Poland will keep its embargo on Ukraine grain after the EU import ban ends on 15 Sep. He supports keeping the transit of Ukraine grains through EU countries and expects the EU to subsidise it. 

According to the European Commission Vice President, the EU solidarity lanes for Ukrainian grain exports are gradually approaching target volumes. The goal was to move 4.7Mt/month, with the bulk (4Mt) via Danube routes. 

The Russian Grain Union notes that given ample carryover stocks and good new crop quality, 2023-24 total grains exports could be larger than last season’s record, exceeding 60Mt.   

SovEcon have revised its 2023-24 Russian export volume up 1.6Mt to a record 60.7Mt, with wheat exports pegged 0.5Mt higher at 48.6Mt. 

Ukraine’s 2023-24 corn harvest is now seen at 29.3Mt (27.7Mt previous year), according to estimates by Agritel. 

Brazilian national agricultural agency Conab revised its 2022-23 Brazil corn crop up 1.9Mt to 131.9Mt, reflecting higher yields and a slight increase in the area planted. Soybean production was pretty much unchanged at 154.6Mt. 

South Korea’s Major Feedmill Goup (MFG) reportedly purchased 55,000 tonnes of feed wheat, likely from the Black Sea region at $275.30/t c&f, including an additional surcharge for unloading, for Jan arrival.

Australia

Local new crop wheat continued to firm on the bid side through trade markets into southern domestic homes although bid offer spreads remain wide. Barley markets through the trade were also mainly bid side, not offered, while grower bids were largely unchanged across the boards. Canola saw some more weakness on local bids with offshore Matif and Winnipeg values also softer. 

There is a rainfall front moving up into parts of SA today and into Vic and eastern NSW tomorrow, with totals forecast to be between 10-25mm. There is another front moving into southern WA next week, but again the totals on the forecast are currently much less than what is needed with above average temps also expected.