Wheat futures firmed again. Moves in coarse grains and oilseeds were small and mixed.
- Chicago December 2024 wheat up US13.25c/bu to 642.5c/bu
- Kansas December 2024 wheat up 11.5c/bu to 644c/bu
- Minneapolis December 2024 wheat up 8.75c/bu to 696.5c/bu
- MATIF wheat December 2024 down €0.25/t to €229.75/t;
- Corn December 2024 up 2.25c/bu to 474.75c/bu;
- Soybeans November 2024 up 2.25c/bu to 1174c/bu;
- Winnipeg canola November 2024 up C$4.60/t to $658.90/t
- MATIF rapeseed November 2024 down €1/t to €465.75/t
- ASX May 2024 wheat up A$9.50/t to $345.50/t;
- ASX January 2025 wheat up A$8/t to A$365/t
- ASX May 2024 barley up A$5.40 to $315/t;
- ASX January 2025 barley up $5/t to $317.90/t
- AUD dollar up 38 points to US$0.6487.
International
Brazilian national agricultural agency Conab reported that as at 21 April, harvest of 2023-24 soybean was 87pc complete (89pc previous year) under mixed weather conditions. Rain has slowed fieldwork in Mato Grosso, Paraná, Mato Grosso do Sul and Rio Grande do Sul, with progress in the latter pegged at 47pc done. Better conditions were reported in Minas Gerais and Bahia. First (full-season) maize harvesting at 57pc finished (60pc). Significant progress was reported in Minas Gerais and Bahia, with crops in the latter deemed to be in good condition. Conversely, harvesting operations in Rio Grande do Sul and Paraná were hampered by rains. Planting of the second (safrinha) crop was complete, with regular rainfall deemed favourable in many states, including Mato Grosso, Paraná and Mato Grosso do Sul. In Goiás, limited rains were countered by good soil moisture reserves.
According to Argentina’s Ag. Ministry, March soybean crush was 3Mt (2.1Mt March last year), with cumulative 2024 (Jan-Dec) crush estimated at 7.5Mt (5.6Mt previous year). Soymeal production estimated at 2.1Mt (1.5Mt).
After being stuck at the port of Novorossiysk for more than a month, a vessel loaded with 63,000 tonnes of wheat for Egypt’s GASC has received a phytosanitary certificate. Two more vessels to ship wheat for GASC have recently arrived at the port, with one already loaded but still waiting for clearance. Efforts to resolve the situation have reportedly involved Egyptian officials holding urgent meetings with Russian delegates in Rome.
South American crop consultant Michael Cordonnier left his Brazilian crop estimates at 147Mt for soybeans and 112Mt for corn. He has a neutral to slightly higher bias toward both crops, though with soybean harvest winding down, much of the focus is on the safrinha corn crop. Early maturing safrinha corn should have generally good yields, while weather will determine yields on later-planted acres. Dr Cordonnier left his Argentine crop estimates at 51Mt for soybeans and 50Mt for corn. His bias is neutral toward soybeans and lower for corn, depending on damage from corn stunt disease, which continues to spread across northern and central areas.
Palm oil posted its biggest advance since early April on concerns that a slower pace of production in Malaysia and strong shipments will draw stocks down even further.
Taiwan Flour Millers Association seeks (25 Apr) 106,675 tonnes of milling wheat sourced from the US for Jun-Jul shipment.
Australia
The WA nearby wheat market did not see the follow through that was expected yesterday given the offshore futures rally. APW1 in the Kwinana port zone is at A$390-395/t FIS, H2 around $398/t FIS and H1 $408-410/t FIS. Current season feed barley was unchanged, trading around $350/t FIS. Canola was the main mover with current crop values reaching close to $720/t FIS for CAN and $710/t for CANG. New season canola (CAN) bids hit $750/t FIS, and new season wheat bids strengthened to $380-385/t FIS Kwinana.
Line ups data this week shows 3.28Mt of total grain on the stem down from 3.38Mt last week. Wheat is showing 1.92Mt up slightly from 1.91Mt, barley at 547kt is down from 655kt, canola and sorghum are unchanged at 810kt and nil respectively. Wait times at Australian grain ports increased slightly this week, with the overall average wait less than 11 days. There are currently 11 vessels anchored and 9 loading.
As we head into Anzac Day, it has been another dry week in WA and SA. Southern Vic picked up some showers but rainfall recordings generally were less than 10mm. Southern and central NSW had a mostly dry week, while parts of northern NSW picked up 15-50mm. Southern Qld saw some patchy falls with the higher totals in the southeast. The 8-day forecast is looking relatively dry for most winter cropping regions, with WA tipped to pick up a miserable 1-10mm.
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