Markets mostly were firmer.
- Chicago December 2024 up US2.75 cents per bushel to US551.5c/bu;
- Kansas Dec 2024 wheat up 4.75c/bu to 565.25c/bu;
- Minneapolis Dec 2024 wheat up 10c/bu to 600.5c/bu;
- MATIF wheat Dec 2024 up €0.75/t to €216.50/t;
- Corn Dec 2024 up 5c/bu to 401c/bu;
- Soybeans Nov 2024 up 7.5c/bu to 1000c/bu;
- Winnipeg canola Nov 2024 down C$4.80/t to $614.70/t;
- MATIF rapeseed Nov 2024 up €0.50/t to €470.25/t;
- ASX Jan 2025 wheat up A$6/t to $316/t;
- ASX Jan 2025 barley down A$8.50/t to $266.50/t;
- AUD dollar down 33 points to US$0.6765.
International
Agricultural markets closed Friday’s session slightly positive. Public holidays will shut Canadian and US exchanges on Monday.
During last week US wheat futures made the largest weekly gain since mid-May, up 4pc, and soybeans gained more last week than any in the past four months, rallying 3pc. Friday’s theme overall was fund short covering in corn, beans, bean oil and wheat.
There is a growing consensus that the US row crops recent bout of hot weather has taken a little yield potential away from what remain massive US soy and corn crops. Solid weekly export numbers also helped inspire some short covering into month end.
Russian wheat FOB values were steady across the week to close around US$217/t, at the same time Matif futures gained €7-8/t.
The Ukrainian farm minister reported combined 2024 grain and oilseed production would fall 15pc year on year, due to unfavourable weather, without giving exact estimates.
FranceAgriMer reported French corn crop condition rated 79pc G-E, up 3pc for the week and it compared to 82pc a year ago.
Buenos Aires Grain Exchange estimated 2024/25 Argentine corn planted area at 6.3 million hectares, down over 17pc from last year.
China’s Manufacturing PMI for August fell to 49.4 from 49.1, lower than the 49.5 expected.
The US dollar made further gains and the Australian dollar eased a little.
Australia
In the west, barley prices closed last week slightly lower, and wheat remained steady. WA canola prices increased $5/t old crop and jumped $10-$20/t new crop in most port zones.
Eastern Australian barley also traded slightly lower. Wheat remained steady to slightly higher at the close. Canola both old and new crop lifted $5-15/t.
Patchy rain fell over the week through SNSW, Vic, SA and western WA with varied falls ranging from 0-100mm in parts, most receiving 10-15mm.
Light falls are on the cards. Most of the country is forecast to receive 5-10mm over the next eight days. Higher accumulations of 15-50mm are forecast for southern areas.
