Daily Market Wire 9 October 2023

Lachstock Consulting, October 9, 2023

Markets eased on Friday.

  • Chicago wheat December eased US10c/bu to 568.25c/bu;
  • Kansas wheat December eased 16.75c/bu to 673.75c/bu;
  • Minneapolis wheat December eased 11c/bu to 720.5c/bu;
  • MATIF wheat December eased €0.50/t to €234.75/t;
  • Black Sea wheat has not quoted since 11 August;
  • Corn December eased 5.5c/bu to 492c/bu;
  • Soybeans May 2024 eased 11.75c/bu to 1313.25c/bu;
  • Winnipeg November canola eased C$0.60/t to C$710.60/t;
  • Winnipeg May 2024 canola eased C$1.70/t to C$730.40/t;
  • MATIF rapeseed November 2023 firmed €1.75/t to €426.25/t;
  • MATIF rapeseed May 2024 firmed €1.75/t to €450.75/t;
  • ASX January 2024 wheat firmed A$1/t to $408/t;
  • ASX January 2024 barley eased A$1.50/t to $348.50/t;
  • AUD dollar gained 14 points to US$0.6384


Russia reportedly carried out more overnight missile strikes on the southern region of Odesa on Friday injuring four people and damaging port infrastructure. It came after Russian drones hit a grain silo near the port of Izmail the previous day and a Turkish flagged cargo ship hit a mine off the coast of Romania and sustained minor damage. 

Ukraine grain exports are down 28pc at 6.92Mt for the 2023-24 marketing year to date, compared with 9.63Mt in the same period of 2022-23. 

FranceAgriMer reported that as of 2nd Oct, 2pc of the French soft-wheat crop was planted, steady with the previous year. Winter barley was 5pc planted, compared with 8pc last year and corn harvest was 27pc complete (34pc avg) with conditions rated 83pc good/excellent.
The Saskatchewan Crop Report noted that for the week ending 2 Oct, spring wheat harvest was complete, barley 99pc and canola at 90pc complete (82pc previous year). Harvest is essentially complete in southwest and west-central regions. 

The Brazilian Ministry of Industry, Trade and Services reports that cumulative marketing year (Mar/Feb) corn exports are at 25.7Mt, up 20pc from last year and soybean exports are at 87.2Mt, up 27pc. 

The Buenos Aires Grain Exchange has warned that corn plantings for 2023-24 could be less than intended if substantial rains don’t come in the next two weeks. It also noted that one third of the country’s 2023-24 wheat crop was rated poor/very poor due to dry conditions and recent frosts.

Algeria’s state grains agency reportedly purchased 60,000 tonnes of corn (from either Argentina or Brazil) in the US$250-$259/t c&f range, for Oct shipment, and 30,000 tonnes of feed barley from optional origins, at $219-$220/t c&f, for Nov shipment.


Local markets ended the week slightly firmer as the AUD relaxed which helped boost values by $2-3/t depending on the area. The ASX eastern Australia wheat futures Jan 24 contract was up A$1.00/t at $408/t. Harvest continues to trickle in but we expect to see it ramp up over the next two weeks. Growers in the south remain cautious sellers as they wait to get a firm idea of yields and quality while growers in the north are selling straight off the header.
There is more rain forecast for southern and eastern Vic (5-25mm), while eastern SA and southern NSW have less than 5mm pencilled in. All other cropping areas are looking at a dry week. 

According to ABS data Australia exported 2.19Mt of wheat in August, down 18pc from July and the lowest monthly volume since November 2022. Indonesia, the biggest market, took 768kt, followed by China (340kt) and Vietnam (230kt)



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