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United States Daily Market Wire 5 April 2024
Rapeseed eased and US spring wheat gained. The Dow traded a 2 percent day range, closing lower.
- Chicago December 2024 wheat unchanged at US613.5c/bu
- Kansas December 2024 wheat up 1.25c/bu to 606.25c/bu
- Minneapolis December 2024 wheat up 7c/bu to 682.25c/bu
- MATIF wheat December 2024 down €1/t to €220.75/t;
- Corn December 2024 up 2c/bu to 473.25c/bu;
- Soybeans November 2024 down 1c/bu to 1183.75c/bu;
- Winnipeg canola November 2024 down C$1.10/t to $650.30/t
- MATIF rapeseed November 2024 down €6.25/t to €452.25/t
- ASX May 2024 wheat up A$2.50/t to $331/t;
- ASX January 2025 wheat up A$1.50/t to $348.50/t
- ASX May 2024 barley unchanged at A$305/t;
- ASX January 2025 barley up A$3/t to $313/t
- AUD dollar up 23 points to US$0.6588.
International
On wheat, Russian cash values were reported above US$210/t fob for the first time in a while. Russian weather is still one to watch, with the 10-day forecast on the drier side, and recent temperatures running above average.
Japan purchased 114,000t of wheat in their regular weekly tender for June-July shipment, including 30,000t from Australia, 25,000t from Canada and 39,000t of US.
Tunisia is also in the market via tender for both milling wheat and durum for late April-May shipment, with best offers reported to be around $233/t c and f for soft wheat and $384/t for durum. These soft wheat values are about $5/t less than the last reported Tunisia tender at the end of February.
Private consultancy group Datagro cut its 2023-24 Brazil crop estimate by 1 million tonnes (Mt) to 146.3Mt, and estimates corn production at 114.9Mt.
Australia
Canola markets were the most interesting across the east coast yesterday. Although track pricing didn’t break any new ground, we are now seeing the delivered market become a more attractive alternative. The most recent rally has shaken the tree with regards to grower selling; we are finding more and more what is left is pretty sticky on price targets.
The rain band across the east coast settles in today, with talk of flash flooding though the eastern parts. This means a great start for the winter crop, but continues to raise more questions for the large portion of summer crop still standing in southern Queensland.
