Markets

Daily Market Wire 7 October 2021

Lachstock Consulting, October 7, 2021

European rapeseed made solid gains along with French and US spring wheats. Corn closed 1pc lower.

  • Chicago wheat December contract down US1.25c/bu to 746c/bu;
  • Kansas wheat December contract up 4c/bu to 745c/bu;
  • Minneapolis wheat December up 13.5c/bu to 939c/bu;
  • MATIF wheat December contract up €5.50/t to €268.25/t;
  • Corn December contract down 5.25c/bu to 532.25c/bu;
  • Soybeans November contract down 8.5c/bu to 1242c/bu;
  • Winnipeg canola November contract up C$0.50 to $922.80/t;
  • MATIF rapeseed November contract up €9.25/t to €671.25/t;
  • US dollar index up 0.3 to 94.3;
  • AUD weaker at US$0.728;
  • CAD weaker at $1.258;
  • EUR weaker at $1.156;
  • ASX wheat January 2022 down $1/t to $347/t;
  • ASX wheat January 2023 down $5.50/t to $358.50/t.

International

Spring wheat led the way higher on the wheat complex overnight even as row crops sold off into the day session – Chicago ended up 1 1/4¢, KC+4¢, Minny +13.5¢, and Matif +5.5€ on the earlier close and after the bullish GASC tender. Corn dropped a nickle and beans dropped 8.5¢ (Matif +9.25€, Winnipeg +$0.5). Crude oil gave up the other day’s gains to hit $77.4 WTi / $81.1 Brent and the DOW gained 102 points.  The AUD is trading around 72.8¢, the CAD $1.258, and the EUR $1.156 with the dxy at 94.3.

Egypt’s GASC tender saw them buy four boats at a US$351-352/t including costings, three Russian and one Romanian.  Most other offers were in the mid $350s to $360s levels, and many expecting the next tender to be another step higher.

The USDA China attaché report on China feed grains pencilled a 20 million tonnes import corn program for this current (21/22) season.

Weekly US ethanol production figures increased by over 60,000 barrels to 978,000bpd, even as stocks dropped towards 20 million barrels.

Early yield ideas for next week’s USDA reports are right around the 176 bushels per acre level for corn, nearly unchanged, and around the 51 bushels per acre level for beans, up half a bushel.

Field corn yield reports continue to be generally positive. Good weather has allowed rapid field work across the US Corn Belt, though rains remain on the longer run maps for mid-month.

Australia

Weather maps still bringing that next 25mm plus for northern NSW into early next week though extended run maps have pulled back somewhat for mid-month to a drier bias.

Pre-harvest preparation is underway around the country for those who are not already in early harvest.

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