Daily Market Wire 8 April 2024

Lachstock Consulting, April 8, 2024

Rapeseed, canola and wheat gained. The Dow firmed one percent.

  • Chicago December 2024 wheat up US8.25c/bu to 621.75c/bu
  • Kansas December 2024 wheat up 4.75c/bu to 611c/bu
  • Minneapolis December 2024 wheat up 1.75c/bu to 684c/bu
  • MATIF wheat December 2024 up €2.75/t to €223.50/t;
  • Corn December 2024 down 0.75c/bu to 472.5c/bu;
  • Soybeans November 2024 up 1c/bu to 1184.75c/bu;
  • Winnipeg canola November 2024 up C$9.40/t to $659.70/t
  • MATIF rapeseed November 2024 up €7.75/t to €460/t
  • ASX May 2024 wheat up A$0.50/t to $331.50/t;
  • ASX January 2025 wheat down A$0.50/t to $348/t
  • ASX May 2024 barley unchanged at A$305/t;
  • ASX January 2025 barley unchanged at A$313/t
  • AUD dollar down 9 points to US$0.6579.


The Buenos Aires Grain Exchange cut another 2Mt from its estimate of the 2023-24 Argentine corn crop, now seen at 52Mt (USDA 56Mt), citing an increase in corn leafhoppers. 

Argentina’s Ag. Ministry reported that for the week ending 4 Apr, 2023-24 maize harvest was 14pc complete (13pc previous year), sorghum was 9pc (3pc) and sunflowerseed at 92pc ( 72pc). 

FranceAgriMer reported that as at 1 Apr, 2024-25 durum plantings was now complete and spring barley at 86pc (100pc). 2024-25 common wheat crop rated 65pc good/excellent (66pc previous week, 93pc previous year), durum at 70pc (73pc, 92pc), winter barley at 66pc (67pc, 92pc) and spring barley at 61pc (62pc, 97pc). 

India’s Solvent Extractors’ Association pegged 2024-25 canola production at 12.1Mt, up 7pc year on year, boosted by a 5pc increase in the area planted. 

Jordan’s state grains buyer seeks 120kt of milling wheat from optional origins. It also purchased 60kt of feed barley at an estimated US$219.50/t c&f for August shipment. 

The USDA FAS attaché in Kyiv pegged 2024-25 canola production at 4Mt, similar to last year. USDA pegged the 2023-24 crop at 4.4Mt. 

Tunisia’s state grains agency reportedly purchased 75kt of common wheat at $232.95-$239.90/t c&f and 50kt of durum at $383.93-$384.48/t c&f, Apr/May shipment. 

US private exporters reported sales of 152,404 tonnes of soybeans to Mexico during the 2023-24 marketing year.


Friday’s oilseed markets saw a softer close to the week as futures values relaxed, resulting in limited trade. Cereals were stronger as barley found more demand for delivered end user volumes; delivered Darling Downs traded up to $385/t. Sorghum trade has stalled as there are no offers while we work through the damage caused by the recent rain. There were reports of $400/t delivered Downs equivalent bid but not traded.

Massive rainfall occurred across cropping regions of Qld, NSW and Vic last week. Most received at least 25mm and some as much as 150mm. Assessments are being made about the impact the heavy totals have had on summer crops, but the rain is very positive for the coming winter crop. Western Vic saw totals of between 10-25mm and most of SA saw less than 10mm. WA had another dry week with not much to get excited about on the forecast for the coming week.

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