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Tidbits, Wheat, Cattle, Markets & Rain Days Update 9/23/23

Highlights


A tow of barges ran aground near Vicksburg, Mississippi yesterday; navigation is closed until the tow is freed.

Russia reported yesterday no progress has been made on the grain corridor and no talks about the subject have been scheduled.

It was reported yesterday the Resilient Africa, carrying ~3,300 mts of wheat left Tuesday and on Thursday, the Aroyat, with ~17,600 mts of wheat left the Ukrainian Port of Chornomorsk. No reports of hostile action so far. Ukraine’s Ag Ministry reported their grain exports the first three weeks of September were 1.45 million mts, down from 2.94 million mts the same three weeks a year ago.

Australia is the world’s second-largest wheat exporter behind Russia. It also suffers extreme drought and heat during El Niño episodes. Analysts have reduced Australia’s wheat production for 2023 one to two million metric tons from forecast made three weeks ago and said more crop losses were likely. Currently, a crop of 24 million mts is expected. StoneX’s Australian guy said 100,000 mts of wheat production will be lost every day this month unless the rain comes. There is no rain in the forecast.

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