The Buenos Aires Grain Exchange has reduced their estimate for Argentine wheat production yet again. The current estimate is now 15.4mt, back a further 5% on the previous estimate. The Argentine wheat crop has been reduced significantly from pre-sowing estimates due to drought and frosts. Combine this with the...

Russia, they never have an issue with talking their book. Grain corridor deals, export delays, port problems, go slow inspections. According to a Reuters report yesterday Russia’s Ag Minister has proposed a six month ban on durum wheat exports. Russia isn’t a major durum producer, and the main production...

Canadian canola values continue to slide on the back of slower than desired exports. Domestic canola crush in Canada remains good, around 300kt better than the accumulated amount for this time last year. This volume is not enough to counter slower exports though. There was some talk in October...

Generally international grain futures pushed lower overnight. This move lower in futures, combined with a 30pt rally in the Aussie dollar, may present some resistance to better prices here today. Higher grade wheat generally fared better. Paris milling wheat, US HRWW and spring wheat futures all just a touch...

Higher execution costs out of the Danube for Ukraine grain is pushing some Black Sea offers higher. Corn FOB Danube ports has moved about US$5.00 higher over the last week, from about US$155 to US$160 FOB. Danube ports carry an additional cost to execute of roughly US$12.00 compared to...

There’s not a lot of fundamental news in the grains market this morning. Overnight the USDA weekly crop progress report was released. Corn harvest in the states is progressing a little quicker than the five year average, now 59% complete versus the 54% average. Conditions over the last week...

StatsCanada amended their controversial average yield from their last report. The new estimate of just 23.8bu/ac (1.6t/ha) is now in line with most industry estimates. It also means that Canada may well produce a sub 4mt durum crop in 2023. Canadian durum quality has been good though, over half...

Both Winnipeg canola and Paris rapeseed were hit pretty hard last night. The weaker AUD against the Euro will limit losses on the conversion somewhat but there is still an equivalent downside of just over AUD$8.00 potentially. World vegeoil prices were lower, dragging oilseeds like canola and rapeseed lower,...

Russia has announced a trade deal with China for the supply of corn and agricultural products worth US$26bn over the next 12 years. There’s not much detail to this announcement, but it doesn’t mention a phyto deal for wheat, so one could assume that for now Russian wheat remains...

The increase in the value of the AUD against the Euro will somewhat counter any increase in Paris rapeseed futures from last night. The Feb24 slot at Paris closed E1.25 higher. Once the impact of the firmer dollar is considered the potential gain here in domestic prices is closer...