Australian ASX grain prices gained 1 percent yesterday. Offshore prices eased at least 1pc overnight.
- Chicago wheat December down US9.25c/bu to 599.75c/bu;
- Kansas wheat December down 12.5c/bu to 737c/bu;
- Minneapolis wheat December down 7.75c/bu to 774.75c/bu;
- MATIF wheat December up €1.25/t to €238.50/t;
- Black Sea wheat has not quoted since 11 August;
- Corn December up 0.5c/bu to 486.25c/bu;
- Soybeans November down 16.75c/bu to 1359.5c/bu;
- Soybeans March 2024 down 14.5c/bu to 1379.5c/bu;
- Winnipeg November canola down C$12.30/t to $782.90/t;
- Winnipeg May 2024 canola down C10.60/t to $795.90/t;
- MATIF rapeseed November 2023 down €5.25/t to €454.50/t;
- MATIF rapeseed May 2024 down €3.75 to €475/t;
- ASX January 2024 wheat up A$6/t to $424/t;
- ASX January 2024 barley up A$3/t to $360/t;
- AUD dollar eased 4 points to US$0.6376.
Russia continued its drone attacks on Ukrainian port facilities on the Danube River. The fourth since Sunday saw grain silos and administrative buildings in the Izmail district in southern Odesa targeted in attacks reported to last 3 hours.
The US corn crop outlook from StoneX predicts 2023-24 yield at 175bu/ac and production 15.102 billion bu smaller than its August prediction of 177bu/ac and 15.274 billion bushels production. Broker Allendale Inc calls yield 171.5bu/ac and production 14.805 billion bushels. The USDA August estimate was 175.1 bu/acre and 15.111 billion bushels.
The Buenos Aires Grains Exchange initial 2023-24 winter crop production estimate is 16.5 million tonnes (Mt). USDA had recently estimated 17.5Mt.
Lloyd’s of London said it would insure Ukrainian grain shipments if a new Black Sea corridor deal was established, on the proviso of UN full intervention and clearance of any possible new deal.
The Cereal Association of Pakistan chairman was reported as saying Pakistan plans to import 700,000t wheat from Russia/Romania.
Local wheat and barley markets continued to firm yesterday. New crop wheat bids gained A$3-5/t in some zones. Current crop H2 milling wheat traded around $400-408/t track in Vic. In WA, Kwinana ASW1 traded at $403/t FIS on Clear Grain Exchange. Barley bids were also stronger by 4-5/t over the course of the day.
Great rainfall was recorded through South Australia from west to east. There were falls over on the EP right through to the Mallee in the past 24hours with some parts of the Yorke Peninsula and Mid North receiving up to 20mm. Parts of southern and central NSW also received some rainfall helping maintain crops for now. Victorian grain regions also received some welcome falls.
The forecast for the next eight days remains relatively dry with minimal rainfall forecast for WA and northern NSW/QLD where the crop could really benefit with a drink. Scattered showers are forecast for the WA coast. Follow-up showers are predicted for parts of SA, Vic and southern NSW.