Wheat firmed about 1pc.
- Chicago December 2024 up US5c/bu to 579.25c/bu;
- Kansas Dec 2024 wheat up 4.25c/bu to 588.25c/bu;
- Minneapolis Dec 2024 wheat up 6.5c/bu to 616.5c/bu;
- MATIF wheat Dec 2024 up €3/t to €223/t;
- Corn Dec 2024 up 0.5c/bu to 404.75c/bu;
- Soybeans Nov 2024 up 3.25c/bu to 1000.5c/bu;
- Winnipeg canola Nov 2024 down C$0.70/t to $569.30/t;
- MATIF rapeseed Nov 2024 up €2.50/t to €465.75/t;
- ASX Jan 2025 wheat up A$1/t to $329/t;
- ASX Jan 2025 barley up A$5/t to $278/t;
- AUD dollar up 20 points to US$0.6674.
International
According to the Ukrainian Agrarian Council (UAC) Ukraine’s domestic and export wheat prices are likely to rise in the coming weeks due to much smaller wheat stocks. UAC said in a statement that wheat stocks totalled 18.7Mt as of 1 Sep, much less than the average of more than 20Mt. It said that in the second half of September the price of milling wheat may rise to up to US$205/t CPT (carriage paid to) from $190-200/t currently.
The Manitoba Crop Report for the week ending 9 September noted that variable rainfall was received over the week, with the highest recordings in the Northwest. Since 1 May, accumulated rainfall across the province exceeded 100pc of normal, with the Central region receiving more than 110pc. 2024-25 winter wheat harvest was 99pc complete (100pc previous year), spring wheat 68pc (85pc), barley 76pc (81pc) and canola was 30pc complete (35pc).
Ukraine’s Ag Minister said that yields for late 2024-25 grains and oilseeds including maize, sunflowerseed and soybeans were less likely to be negatively affected by drought than previously thought, with average yields anticipated down 10-15pc, compared to an initial assumption that yields would fall by 15pc. Oil content in sunflowerseed is expected to be lower than average at 46-48pc.
European Commission data shows that cumulative 2024-25 canola imports for the week ending 8 Sep, at 0.9Mt, were up 46pc compared to the same period last year.
Algeria’s state grains agency (ONAB) reportedly seeks 160kt of maize and 35kt of feed barley.
Australia
WA canola values continued to trend lower with bids losing another A$5-10/t yesterday to be around $755/t FIS. Cereal bids improved $2-5/t with barley bids around $310/t and wheat $353/t.
In the eastern markets, canola bids lost ground for a second day losing around $8/t to around $705/t. Wheat bids found some good support yesterday, up around $10/t on Tuesday’s bid to land at around $347/t.
Rainfall across central/northern NSW in the last 24hours will be very welcome with anywhere from 5-50mm expected. The higher totals have been in the northern cropping zone so far with rain continuing today. Southern NSW and Vic also picked up some showers in the last 24 hours with the totals generally under 10mm.