Markets

Daily Market Wire 6 October 2021

Lachstock Consulting, October 6, 2021

Oilseeds markets firmed more than one per cent. Grains markets closed about 1pc lower.

  • Chicago wheat December contract down US11.75c/bu to 744.75c/bu;
  • Kansas wheat December contract down 13.25c/bu to 741c/bu;
  • Minneapolis wheat December down 4.75c/bu to 925.5c/bu;
  • MATIF wheat December contract down €2.50/t to €262.75/t;
  • Corn December contract down 3.25c/bu to 537.5c/bu;
  • Soybeans November contract up 14.75c/bu to 1250.5c/bu;
  • Winnipeg canola November contract up C$15.20 to $922.30/t;
  • MATIF rapeseed November contract up €13/t to €662/t;
  • US dollar index up 0.2 to 94;
  • AUD unchanged at US$0.729;
  • CAD firmer at $1.258;
  • EUR weaker at $1.160;
  • ASX wheat January 2022 unchanged at $348/t;
  • ASX wheat January 2023 up $4/t to $364/t.

International

Wheat again weakened. Chicago was off 11 3/4¢, KC -13 1/4¢, Minny -4 3/4¢, and Matif down 2.5€ on the earlier close.  Corn dropped 3 1/4¢ and beans gained 14 3/4¢ (Matif +13€, Winnipeg +$15.2).  Crude is up nearly another buck fifty to $78.9 WTI / $82.6 Brent and the DOW gained 312 points.  The AUD has traded up to 72.9¢, the CAD $1.258, and the EUR $1.159.

Another Chinese real estate company, Fantasia Holdings, failed to make a US$206 million bond payment yesterday.

There’s speculation Russian export quotas/bans, similar to those imposed last year, might commence sometime in January or February. The early season export pace is slower than last year.

Extended weather maps look better for the Black Sea winter wheat areas, but drier areas of Russia largely are missing out.

Analyst Dr Michael Cordonnier pegged US corn yield at 175 bu/acre and beans at 50.3 bu/acre, both predictions unchanged despite recent market suggestions of better yields.

Egypt’s GASC is finally back tendering again for wheat for late November.

Brazilian weather maps are still looking fairly good for later next week with 1-2″ widespread across bean areas. Planting is just starting to get going on beans but safra corn about a third complete according to a private estimate.

Rains are also looking better across the Canadian prairies into later next week where recent weather has been abnormally warm and dry which had raised concerns about the total absence of soil moisture going into winter.

Australia

New crop wheat bids were up A$5-6/t.

Harvest continues to gain pace in Queensland, with most of northern NSW still 1-2 weeks away.

Canola remains firm and looks to be starting today firmer again after the board moves overseas.

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