Daily Market Wire 9 April 2024

Lachstock Consulting, April 9, 2024

Markets overnight saw small moves.

  • Chicago December 2024 wheat up US0.25c/bu to 622c/bu
  • Kansas December 2024 wheat up 6c/bu to 617c/bu
  • Minneapolis December 2024 wheat up 2.25c/bu to 686.25c/bu
  • MATIF wheat December 2024 down €0.50/t to €223/t;
  • Corn December 2024 up 0.5c/bu to 473c/bu;
  • Soybeans November 2024 down 0.5c/bu to 1184.25c/bu;
  • Winnipeg canola November 2024 down C$3.30/t to $656.40/t
  • MATIF rapeseed November 2024 down €1/t to €459/t
  • ASX May 2024 wheat down A$2.50/t to $329/t;
  • ASX January 2025 wheat up A$1/t to $349/t
  • ASX May 2024 barley down A$5/t to $300/t;
  • ASX January 2025 barley down A$5/t to $308/t
  • AUD dollar up 26 points to US$0.6605.


Buenos Aires Grain Exchange reported that for the week ending 5 Apr, 2023-24 maize harvest was 11pc complete (10pc previous year), with conditions rated 68pc fair/excellent (75pc previous week, 48pc previous year). Soybean harvest was 2pc complete, rain was hampering progress in core regions and conditions were rated 79pc fair/excellent (79pc, 34pc). 

Brazilian consultancy AgRural estimated that Brazil’s soybean harvest was 78pc complete as of 4 April, up from 74pc a week earlier and slightly behind last year’s 82pc. Drier weather had allowed for faster progress in Rio Grande do Sul, while above-average rainfall hampered harvest in northern and northeastern regions. 

India’s flour millers’ group expects wheat production of 105Mt this year, which is 7Mt lower that the official Indian Government estimate. State-run Food Corporation of India (FCI) says the government has procured 1Mt of new-crop wheat as of April 7 and is expected to buy 31-32Mt of wheat in 2024-25, up from 26.2Mt in 2023-24. 

Railway transport operator Rusagrotrans estimates that Russia’s wheat exports are currently running 11pc ahead of the previous season, with 40.9Mt shipped as at the end of March 2024, compared to 36.7Mt at the same time last year. It estimates that 4.6Mt was shipped in March, with a similar volume expected in April.  It estimates Russia’s total wheat exports at 53Mt this season, up from a previous estimate of 52.5Mt. 

Ukraine Ag. Ministry data shows cumulative 2023-24 exports for the week ending 5 April at 36.1Mt, down 6pc from previous year, including wheat at 14.2Mt (+8pc), maize at 19.5Mt (-14pc) and barley at 2.0Mt (-14pc).


Wheat markets mostly were unchanged on the east coast to start the week. The delivery slot for Darling Downs wheat bids was June/July, and barley buyers are looking to fill prompt homes. Sorghum is still the most active market with SOR1 quoted up to A$400/t Downs. The new grade SORs is bid $310/t Downs for SOR1 specs but allowing up to 20pc sprouted grain. The market is challenged to know what tonnage can still fit into that grade. 
ABS data shows that Australia exported 2.31Mt of wheat in February, down 12pc from January. Biggest market China took 589kt, followed by Indonesia (544kt), The Philippines (162kt), South Korea (147kt) and Japan (112kt).

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