Corn firmed 1 percent. All other markets fell between 1 and 2 percent.
- Chicago December wheat fell 7 cents/bu to 553.5 cents/bu;
- December Kansas wheat down 12.5 cents/bu to 627.25 cents/bu;
- Wheat in Minneapolis down 9.25 cents/bu to 726 cents/bu in December;
- MATIF wheat Dec. down 2 €/t to €226.25/T;
- Black Sea wheat futures have not been quoted since August 11;
- December corn up 4 cents/bu to 474.75 cents/bu;
- May 2024 soybeans down 24.25 cents/bu to 1386.5 cents/bu;
- Winnipeg canola down CAD 12.70/t to CAD 715.80/t in May 2024;
- MATIF rapeseed May 2024 decreased by €3.50/t to €444.50/t;
- ASX January 2024 Wheat falls A$3/t to $388/t;
- ASX January 2024 Barley rises A$0.50/t to $335.50/t;
- The AUD dollar fell 36 points to $0.6472.
International
The Buenos Aires Grain Exchange again lowered its forecast for Argentina’s wheat and corn crops in 2023/24, but allocated more hectares for soybean cultivation. Following successive winter droughts, this year’s wheat crop was also hit by frost, reducing production estimates to 14.7 million tonnes from 15.4 million tonnes (Mt). Argentina is a traditional rival to Australian wheat in the first quarter of the year as it leverages its supply chain in the lead-up to row crop harvest.
Depending on how you are positioned, the fact that the Australian dollar is trading above A$1 = US$0.6520 has some significance. The fact that it hasn’t stalled is also significant and until then, the LSC tech guru remains cautious. It was notable that the lack of stop-loss buying allowed range traders to re-intervene.
Australia
Locally, wheat values were mostly flat with some local pressure around houses delivered, but on the whole there was no real change from the previous day. Better quality grain is now being supplied and the protein profile is adjusting slightly as the harvest in eastern Australia moves south.
Barley traded $5/t higher yesterday, with the Darling Downs delivered price leading the way given trading shorts on the bid side. Canola proved resilient compared to the ongoing decline in offshore futures markets. Local values declined by $2-5/t in nominal terms, with better rail receiving locations holding their value.
The rain event continues to intensify, with over 120mm of rainfall expected in Surat in the Maranoa region of Queensland over the next 15 days.
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