US winter wheat markets eased almost 2 percent. Brent crude price eased 3 percent.
- Chicago December 2024 wheat down US9.75c/bu to 593.25c/bu
- Kansas December 2024 wheat down 12c/bu to 600.5c/bu
- Minneapolis December 2024 wheat up 2.5c/bu to 673c/bu
- MATIF wheat December 2024 down €1/t to €221.75/t;
- Corn December 2024 down 2.5c/bu to 464.75c/bu;
- Soybeans November 2024 up 2.75c/bu to 1161.25c/bu;
- Winnipeg canola November 2024 down C$1.80/t to $638.20/t
- MATIF rapeseed November 2024 down €4.75/t to €454.50/t
- ASX May 2024 wheat up A$3/t to $331/t;
- ASX January 2025 wheat down A$0.50/t to $352/t
- ASX May 2024 barley down A$0.40/t to $309.60/t;
- ASX January 2025 barley up A$0.50/t to $317.50/t
- AUD dollar up 33 points to US$0.6435.
International
Ukraine’s grain and sunflower oil producer Kernel sees significant deterioration in the operating environment including deliveries to the Black Sea port of Chornomorsk due to the recent missile attacks by Russia which have halted railway deliveries to the port.
Crude oil prices plunged yesterday reflecting growing optimism that Israel will show restraint in its response to Iran’s recent attack and avoid any strikes on Iran’s oil infrastructure. US Energy Information Administration data showing a further increase in US crude oil inventories also weighed.
The French Farm Ministry has pegged 2024-25 common wheat area at 4.4Mha, down 8pc year on year, 7pc below the five-year avg and the second lowest area planted in 30 years. Total durum area is estimated at 230,000ha (-3pc, -10pc). Total barley area seen at 1.8Mha (-2pc, -5pc), including winter barley at 1.3Mha (-6pc, +1pc), and spring barley at 496,000ha (+11pc, -17pc). Winter rapeseed area pegged at 1.3Mha (-1pc, +15pc).
German agriculture and food industry cooperative association, DRV, reported that recent warm temperatures have aided crop development. It forecast 2024-25 wheat production unchanged at 20.2Mt (21.5Mt previous year) and revised total barley up marginally to 11.1Mt (11Mt), including winter barley at 9.3Mt (9.6Mt), and spring barley at 1.8Mt (1.4Mt). Its estimate of rapeseed production was unchanged at 3.9Mt (4.2Mt).
The Brazilian vegetable oils industry association, ABIOVE, left its 2023-24 soybean production forecast unchanged at 153.8Mt (Conab 146.5Mt), with 2024 (Jan/Dec) soybean export forecast also unchanged at 97Mt.
Tunisia’s state grains office has a tender out for 25kt of durum wheat for May 20-30 shipment, with offers due today.
Jordan’s state grain buyer has issued an international tender to buy up to 120kt of optional origin milling wheat.
Australia
The ASX May 24 wheat contract gained A$3/t yesterday to finish the day at $331/t.
There is a wide range of quality results evident at sorghum receival sites, with variations between SORx, SORs, SOR2 & SOR1 depending on the load. There are some panic sellers who have limited storage but overall the crop seems to be finding its way to a bin. Despite the obvious quality issues for some of the crop, they are not as widespread as initially thought.
Weekly line ups data shows that there is currently 3.38Mt of total grain on the stem for April, with changes for the week including wheat down 150kt, sorghum down 18kt, barley down 10kt and canola unchanged. Average vessel wait times have generally decreased at all major port zones, with the longest wait time 10 days. There are currently 5 vessels loading and 11 anchored at Australian grain ports.
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