Canola firmed 2 percent, rapeseed 1pc and the offshore wheat markets eased by similar amounts.
International
Black Sea market analyst SovEcon estimates Russian wheat exports for the 2024-25 season at 48.8Mt, down from 52.4Mt the previous year. In the first two months of the new season, Russia is expected to export 8.2Mt of wheat, down from 9.8Mt a year earlier, reflecting decreased exporter margins and relatively low demand.
Ukraine’s grain exports in first two months of the 2024-25 marketing year are estimated at 6Mt, compared to 3.6Mt in the same period last year. The volume includes 2.8Mt of wheat, 2.2Mt of corn and 1Mt of barley.
The Buenos Aires Grains Exchange has pegged Argentina’s 2024-25 corn crop area at 6.3mha, down 17pc compared to the previous year as pest and weather concerns impact planting decisions. Many growers are wary after the impact of the costly leafhopper plague last season.
China, reportedly, has initiated an anti-subsidy investigation into dairy imports from the EU. The investigation will include several dairy products, including fresh and processed cheese, and will review 20 EU subsidy programs, particularly those under the Common Agricultural Policy and specific to Italy and Finland’s dairy sectors. This move is seen as a response to the EU’s recent decision to expand tariffs on Chinese-made electric vehicles.
Algeria has issued international tenders to purchase up to 120kt of feed corn, 40kt of soymeal and 35kt of feed barley.
Tunisia’s state grains agency reportedly purchased 75kt of soft wheat in a tender that closed yesterday, at US$243-246/t.
US private exporters reported sales 132kt of soybeans to China and 121kt to unknown destinations during the 2024-25 marketing year.
Australia
Yesterday’s bids in the west were largely unchanged for new crop canola steady at A$755/t. New crop cereals were marginally softer with wheat at $357/t and barley $315/t.
The east coast markets felt the weight of sellers and a lack of fresh demand yesterday. Values dipped a further $5/t and are now at 5-year decile 4 values. Grower tonnes continue to trickle out but the trade has been feeding the offer side in bigger volumes. With a warmer week ahead of us, it will put some pressure back onto the Riverina and Victorian crops lacking adequate moisture.
This week’s line ups data shows 1.93Mt of total grain on the stem, marginally higher than last week, including 1.04Mt of wheat, 261kt of barley, 392kt of canola (+100kt), and 234kt of sorghum. Average wait times are low, reflecting low vessel numbers, with 5 vessels loading and 2 anchored.