Canola and rapeseed markets eased more than one percent. The Dow Jones Industrials Average retraced past week losses, gaining more than one percent.

• Chicago December 2024 wheat up US2.5c/bu to 603.25c/bu
• Kansas December 2024 wheat down 1.75c/bu to 603.25c/bu
• Minneapolis December 2024 wheat  up 3.25c/bu to 679.5c/bu
• MATIF wheat December 2024 up €0.25/t to €221.25/t;
• Corn December 2024 down 5.75c/bu to 462.25c/bu;
• Soybeans November 2024 down 7.5c/bu to 1183.5c/bu;
• Winnipeg canola November 2024 down C$10.30/t to $645.30/t
• MATIF rapeseed November 2024 down €6.50/t to €451.50/t
• ASX May 2024 wheat down A$1/t to $327/t;
• ASX January 2025 wheat unchanged at A$347/t
• ASX May 2024 barley unchanged at A$294.50/t;
• ASX January 2025 barley down A$4/t to $311/t
• AUD dollar up 1 point to US$0.6534.

The USDA’s Prospective Plantings report will be released today, which will provide the first survey-based look at 2024 US planted area. The average analyst pre-report expectation is for 2024 corn plantings of 91.776 million acres, down 3pc from 2023 but up slightly from the 91 million acres the USDA projected in February. Soybean plantings are seen at 86.53 million acres, up 3.5pc from last year but below USDA’s February projection of 87.5 million.

Ambassadors from EU countries reached a revised deal on Wednesday to extend tariff-free food imports from Ukraine – with restrictions. The new deal was similar to a provisional agreement made last week but changed the reference period used to determine when tariffs on some products would be applied. The original deal stipulated that tariffs would kick in on poultry, eggs, sugar, oats, maize, groats and honey if imports exceeded the average levels of 2022 and 2023. The new deal expands the reference period to include the second half of 2021. Despite pressure from France and Hungary for wheat to be added to the list, it reportedly was not.

Reuters reported that constant attacks on Ukrainian Black Sea ports by Russian drones and missiles are resulting in a slowdown in Ukraine’s agricultural exports. A key maritime hub in the southern Odesa region has been under almost daily attacks in recent weeks, but authorities have not reported any significant damage to port infrastructure but expect a decline in export volumes in April and May.

The European Council has supported a targeted review of certain aspects of the Common Agricultural Policy (CAP) in response to farmer protests.

EU vegetable oil and protein meal industry association Fediol data shows that as at the end of Feb cumulative 2024 (Jan/Dec) crush was 6.8Mt, compared to 6.4Mt over the same period last year. It included 2.2Mt soybeans (2.2Mt), 1.1Mt sunflower seeds (0.9Mt), and 3.5Mt canola (3.3Mt). 

Jordan’s state grain buyer reportedly made no purchase in a recent tender for 120kt feed barley, with a new tender expected to be issued shortly.

Australia

The current crop WA wheat market experienced continued buying interest, particularly in the Kwinana port zone. Levels improved to $382/t FIS for APW1, $390/t for H2 and $400/t for H1. The other port zones are currently bid at levels around $10 under Kwinana. New crop wheat bids are at $360/t FIS Kwinana. 

WA nearby feed barley levels improved slightly to $338/t FIS for Kwinana & Albany ports, and $348/t for MAX1. 

WA nearby canola (CAN) values held up well given the recent offshore retracement, holding around $690 – $700/t range FIS for Kwinana, Albany & Esperance. New season canola (CAN) held ground at $710/t FIS. 

Good rainfall coverage and falls were recorded across southern Qld over the past couple days. 45-100mm around the Downs and out to Roma receiving the heaviest falls. Goondiwindi region was lighter around 25mm. Some sprouted sorghum has been reported which is a concern, although later sorghum crops will benefit. The rain is timely for winter crop prospects.