Global Agricultural Markets Update

Akim Kovalev

Key Market Movements and Harvest Reports from Around the World

The latest agricultural market updates highlight significant movements in crop prices and provide detailed reports on harvest progress from key regions globally. This summary offers valuable insights for farmers, agronomists, and market analysts to stay informed on current trends and conditions affecting the agricultural sector.

Market Movements: The European markets remained relatively stable on Friday, while US markets firmed by 1 percent, despite a slight decline in the Dow Jones Industrial Average. Notable price changes in key agricultural commodities included:

Chicago December 2024 wheat: Up 5.5 cents per bushel to 562.25c/bu.
Kansas December 2024 wheat: Up 5.5 cents per bushel to 576.25c/bu.
Minneapolis December 2024 wheat: Up 6.5 cents per bushel to 614.5c/bu.
MATIF December 2024 wheat: Down €0.75 per tonne to €226/t.
Corn December 2024: Up 4.75 cents per bushel to 403.25c/bu.
Soybeans November 2024: Up 10.75 cents per bushel to 1027.25c/bu.
Winnipeg November 2024 canola: Up C$2.10 per tonne to C$610.90/t.
MATIF November 2024 rapeseed: Down €0.25 per tonne to €472.25/t.
ASX January 2025 wheat: Down A$2 per tonne to A$335/t.
ASX January 2025 barley: Unchanged at A$295/t.
AUD dollar: Up 13 points to US$0.6514.

International Harvest Reports:

Ukraine: According to the Ag Ministry, the 2024 harvest is progressing rapidly, with 25.3 million tonnes harvested to date, up from 16.57 million tonnes at this time last year. This includes 19.44 million tonnes of wheat with average yields of 4.35 tonnes per hectare.
Russia: The Deputy Prime Minister reports that the harvest is approximately 40 percent complete, with production estimates for 2024-25 at 132 million tonnes, slightly down from 142.6 million tonnes the previous year. Wheat production is estimated at 85 million tonnes.
Argentina: The Buenos Aires Grain Exchange notes that the maize harvest for 2023-24 is 92 percent complete, with production stable at 46.5 million tonnes. Wheat planting for 2024-25 is finished, with crop conditions rated at 31 percent fair/excellent.
Canada: The Saskatchewan Crop Report highlights accelerated crop development due to prolonged hot and dry conditions, although moisture stress may impact yields. An increasing number of crops are expected to be cut for feed.
France: FranceAgriMer reports that the common wheat harvest for 2024-25 is 67 percent complete, durum wheat at 88 percent, winter barley at 99 percent, and spring barley at 54 percent. The common wheat crop is rated 50 percent good/excellent.
Taiwan: Taiwan Flour Millers have purchased 105,650 tonnes of milling wheat from the US for September-November delivery.

Australian Market and Weather Updates:

Canola: New crop canola values in Western Australia fell by A$15 per tonne, with bids at $781/t, while GM canola fell to $706/t. In the east, new crop canola values dropped by $5 per tonne to $718/t.
Cereal Values: New crop cereal values remained largely unchanged, with Melbourne APW1 wheat ending the week at $348/t.
Weather: Western Australia received beneficial rainfall last week, while other cropping regions experienced dry conditions. The Bureau of Meteorology forecasts a 60-80 percent chance of above-average rainfall in August across the winter cropping belt, especially in Western Australia, South Australia, southern/central New South Wales, and southern Queensland.

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Global Agricultural Markets Update

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