A$ move:CBOT wheat up $2 (Mar) and up $1 (May). EU canola up $12 (Feb) and up $9 (May).

CBOT move (USc/bu):

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• Wheat unchanged at 582 (Mar)
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• Corn down 1 at 442 (Mar)
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• Soybeans down 21 at 1206 (Mar)
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EU Canola: upE$4.25 at E$429 (Feb).

A$:0.6560, down 25 points.

The strengthening US dollar put pressure on CBOT grain markets.

In demand news, Egypt purchased 360,000mt of Russian and French wheat in their latest tender.

Soybean futures posted sharp losses overnight. The focus for corn and soybean markets remains on South American weather. Another round of beneficial rain is forecast for dry parts of Brazil this week.

• CBH will adjust its premiums for ISCC EU canola on Monday the 22^nd of April 2024.
• The current $25/t premium will be reduced to a $20/t premium for ISCC non-GM and a $10/t premium for ISCC GM canola.
• CBH indicated they may adjust premiums throughout the season.

• GIWA forecast total 2023 WA grain production at 14.5mmt, down nearly 50% from 2022.
• Crop estimates are below (December 2023 estimates in brackets):
• Wheat: 7.65mmt (7.35)
• Barley: 3.65mmt (3.73)
• Canola: 2.51mmt (2.46)
• Oats: 0.35mmt (0.35)
• Lupins: 0.32mmt (0.32)
• Pulses: 0.049mmt (0.064)

• Esperance and Geraldton: 19^th January 2024.
• Albany and Kwinana: 26^th January 2024.

• Esperance and Geraldton: 19^th January 2024.
• Albany and Kwinana: 26^th January 2024.

• GIWA pegged their 2023 WA crop production estimate at 14.5mmt, down nearly 0.5mmt or 3% from last month’s estimate.
• Crop estimates are below (October 2023 estimates in brackets):
• Wheat: 7.85mmt (8.12)
• Barley: 3.65mmt (3.84)
• Canola: 2.27mmt (2.22)
• Oats: 0.35mmt (0.38)
• Lupins: 0.32mmt (0.32)
• Pulses: 0.064mmt (0.064)

• CBH have added a new utility wheat grade, AUS9.
• This follows the earlier addition of utility grades AUH and AUP1 to segregate high protein, high screenings wheat.
• Loads with a minimum 9% protein and screenings between 5-10% will now be graded AUS9.
• Any loads of AWWT that have already been delivered, that meet the standards of the new utility grades will be re-graded by CBH (provided the loads have not been optimised or nominated).

• GIWA lowered their 2023 WA crop production estimate to 14.95mmt, down over 0.5mmt from last month’s estimate and well below the 26.06mmt produced in 2022.
• Crop estimates are below (September 2023 estimates in brackets):
• Wheat: 8.12mmt (8.5)
• Barley: 3.84mmt (3.95)
• Canola: 2.22mmt (2.26)
• Oats: 0.38mmt (0.38)
• Lupins: 0.32mmt (0.35)
• Pulses: 0.064mmt (0.064)

• CBH announced there will be no rebates from CBH Operations, Investments or Marketing and Trading this year.

• CBH has reinstated the Out of Zone Nomination option for the 2023/24 harvest.
• All sites can nominate into Kwinana.
• All Albany sites can nominate into Esperance and vice versa.
• Select northern Kwinana sites can nominate into Geraldton.

• GIWA lowered their 2023 WA crop production estimate to just under 17mmt.
• Crop estimates are below (July 2023 estimates in brackets):
• Wheat: 9.15mmt (9.90)
• Barley: 4.36mmt (4.75)
• Canola: 2.51mmt (2.59)
• Oats: 0.46mmt (0.42)
• Lupins: 0.38mmt (0.38)
• Pulses: 0.094mmt (0.094)

• QO will be introduced for ASW9.
• APW2 can only be optimised out of, not into. APW2 will only be achievable at point of delivery.

• CBH has introduced a new trial wheat grade called AWWT.
• AWWT will become a consolidated grade for wheat previously delivered as ASW1, AGP1 and FED1.
• Growers can deliver AWWT with moisture up to 13.5%.
• Growers have the option via LoadNet QO to reverse the trial grade AWWT back into existing pay grades.

• CBH has made changes to high moisture grain receivals for the 2023/24 harvest.
• The moisture receival limit will increase to 13.5% for all feed barley grades and the new wheat trial grade AWWT.
• The dedicated high moisture segregations and high moisture charges will be removed.

• From today Emerald Grain will now trade as Louis Dreyfus Company.
• Louis Dreyfus Company entered into an agreement to purchase Emerald Grain in September 2022.