International commodity markets, and the Australian Dollar, eased more than 1 percent on Friday. The canola November contract fell 3pc.
- Chicago December 2024 down US7.75c/bu to 567c/bu;
- Kansas Dec 2024 wheat down 11.25c/bu to 577.5c/bu;
- Minneapolis Dec 2024 wheat down 12c/bu to 613.75c/bu;
- MATIF wheat Dec 2024 up €0.25/t to €218.75/t;
- Corn Dec 2024 down 4.5c/bu to 406.25c/bu;
- Soybeans Nov 2024 down 18.5c/bu to 1005c/bu;
- Winnipeg canola Nov 2024 down C$18.70/t to $569.20/t;
- MATIF rapeseed Nov 2024 down €9.50/t to €464/t;
- ASX Jan 2025 wheat down A$2/t to $322/t;
- ASX Jan 2025 barley up A$1/t to $271/t;
- AUD dollar down 71 points to US$0.6670.
International
China on Friday requested World Trade Organisation (WTO) set up consultation with Canada regarding Canadian additional tariffs on electric vehicles and steel and aluminium products. China is alleging Canada has disregarded WTO rules and violated WTO commitments by seeking to impose additional tariffs of 100pc and 25pc.
The United Nations Food and Agriculture Organisation has estimated 2024 world wheat production at 791.4Mt, up 2.3Mt from July and up nearly 3Mt year on year, reflecting better than expected results in the US and smaller upward revisions for China and Argentina. Downward revisions were made to EU and Russian wheat production.
Russia has reportedly introduced a state of emergency for the farm sector in the Tomsk region of Siberia because of damage from damp, cold weather.
Ukraine Ag Ministry reported almost 35Mt grain and oilseeds have been harvested as of 5 September, including 21.9Mt of wheat, 5.5Mt of barley, 458kt of corn and 3.4Mt of rapeseed. It pegged 2024 corn harvest at about 25Mt.
Updated quality results for the French soft wheat crop showed 28pc achieved test weights above the common standard 76kg/hl, slightly better than previously estimated. It was up from 26pc last week but still far below the five-year average of 76pc. Protein tests resulted in 74pc of the crop achieving average protein content above 11pc, unchanged from the previous results but below the five-year average of 85pc. Falling number analysis had 99pc of the crop above 240 seconds, unchanged from the previous report but above the 87pc average.
FranceAgriMer reported 79pc of French corn crop condition was good or very good as of 2 Sep, unchanged from the previous week and slightly below last year’s 80pc.
Buenos Aires Grain Exchange reported that for the week ending 4 September, the Argentine 2023-24 maize harvest was 100pc complete. Production was estimated at 46.5Mt and average yields down 8pc. Early sowing of 2024-25 crops was underway. Leafhoppers remained a significant concern along with lack of moisture. For 2024-25 wheat, rain in centre-east and southern areas boosted soil moisture over the week, but northern regions remained dry. Fertiliser was applied in areas where rain fell. An increase in temperatures was seen as key in supporting crop development. Barley crop conditions were rated 85pc normal/excellent.
Australia
Over in the west Friday saw new crop canola bids up around $5/t at $765/t, while new crop wheat was marginally softer at $354/t and barley bids were down $6/t at around $305/t.
Eastern Australian market activity was mostly around canola. New crop canola gained around $10/t to $710/t track for rail sites. We are also still seeing a strong presence from the crushers to own seed in their drawing arc. Cereals were up around $5/t, with new crop wheat at $350/t and barley at $315/t.
ABS data shows that 1.5Mt of wheat went out in July, up 20pc from June, barley exports were down by 57pc at 311kt, and canola volumes were also down 13pc this month at 387kt.
