Daily Market Wire 9 May 2023

Lachstock Consulting May 9, 2023

Rapeseed fell 4 percent. Brent crude futures gained 2pc.

  • Chicago wheat December 2023 contract down US4.25 cents per bushel to 683c/bu;
  • Kansas wheat December 2023 contract up 9c/bu  to 830.25c/bu;
  • Minneapolis wheat December 2023 up 5.25c/bu to 849.25c/bu;
  • MATIF wheat December 2023 down €2/t to €245.25/t;
  • Black Sea wheat December 2023 down US$1.25/t to $277.50/t;
  • Corn July 2023 contract unchanged at 596.5c/bu;
  • Soybeans July 2023 contract down 2.75c/bu to 1433.75c/bu;
  • Winnipeg canola July 2023 contract down C$1.90/t to $733.20/t;
  • MATIF rapeseed August 2023 contract down €19.50/t to €429/t;
  • ASX January 2024 wheat contract up A$1.50/t to $388.50/t;
  • ASX January 2024 barley contract unchanged at A$317.80/t;
  • AUD dollar gained 33 points to US$0.6783


Russia launched its biggest wave of drone strikes on Ukraine in months yesterday, escalating attacks in the run-up to its 9 May Victory Day holiday. Kyiv’s mayor said Russia had fired 60 Iranian-made kamikaze drones at Ukrainian targets, including 36 at the capital, all of which had been shot down. However, debris hit apartments and other buildings, injuring at least five people on the ground. 

According to the Ukrainian Infrastructure Ministry, Russia has blocked the registration and inspections of ships under the grain deal. Russia refuses to register ships that are bound for Ukrainian ports to pick up grain or to conduct inspections of those ships. No inspections took place on Monday “The Russian Federation once again effectively stopped the Grain Initiative by refusing to register incoming vessels and carry out their inspections. This approach contradicts the terms of the current agreement,” the ministry said in a statement. It said that 90 ships, including 62 vessels for loading, were waiting in Turkey’s territorial waters for approval to go to Ukrainian ports. 

World Weather Inc reports that weekend rainfall in the US favoured the northern Plains and North Midwest, saying all major crop areas will receive some rainfall during the next 10 days, though amounts will be lightest across the eastern Midwest and Southeast. Temps will remain above normal across the Plains and western Corn Belt. 

Brazil’s grain exporting agency ANEC estimates May soybean exports at 12.08Mt, up from 10.27Mt in the same month last year, with meal exports estimated at 2.2Mt, up from 1.89Mt in May 2022. Corn exports of 324kt would be down significantly from the 1.09Mt exported in May last year. 

Tunisia’s state grains agency is believed to have purchased about 100,000t durum wheat and around 75,000t feed barley in an international tender on Friday. The lowest price for the durum was estimated to be US$385.49/t c&f. The lowest price for the barley was estimated to be $254/t c&f. 


Local values started the week lower and liquidity moved across the port zones. Buyers and sellers continued to readjust prices and parcels continued to trade. Canola bids were up slightly to start the week. Eastern Australian canola prices were firmer by A$5-6/t. Wheat and barley values for current crop remained steady.
According to ABS data Australia exported 778kt of barley in March down 18pc from February. The top three markets were Saudi Arabia (285kt), Vietnam (115kt) and The Philippines (60kt).
Agronomists and growers across southern NSW, Victoria and eastern South Australia are noting high burdens of slugs, both the grey field and black keeled slugs. The slugs are particularly damaging in broadleaf crops such as canola and pastures, but can also cause damage in cereal crops in high numbers, mainly in high rainfall zones. The mild summer and wet autumn has allowed numbers to explode with growers urged to monitor for slugs and bait them. 


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