Daily Market Wire 10 February 2021

Lachstock Consulting February 10, 2021

Oilseeds firmed, grains weakened in reaction to release of WASDE report overnight.

  • Chicago wheat March contract down US6.25 cents per bushel to 649.5c;
  • Kansas wheat March contract down 6c/bu to 633.5c;
  • Minneapolis wheat March contract down 8.75c/bu to 626.5;
  • MATIF wheat March contract down €2.75 to €223.75/t;
  • Corn March contract down 7.5c/bu to 556.25c;
  • Soybeans March contract up 14c/bu to 1401.75c;
  • Winnipeg canola March contract up C$10/t to $706.30;
  • MATIF rapeseed May contract up €1.50/t to €446.25;
  • Brent crude April up US$0.58 per barrel to $61.14;
  • Dow Jones index down 10 to 31,376;
  • US dollar index down 0.5 to 90.4;
  • AUD firmer at $0.774;
  • CAD firmer at $1.269;
  • EUR firmer at $1.212


The USDA’s World Agricultural Supply and Demand Estimates February report was released overnight, and disappointed the bulls.  Supportive of US futures was its reduction to US corn and soybean ending stocks, both on the back of increased exports.  No new flashes have appeared for US export sales, despite expectations that significant business has been done to China.

Winter kill and frost damage concerns exist for parts of Ukraine. The US cold snap is still on the radar, as soil temperatures are at risk of dropping, although some more light snow on the forecasts would help with insulation. South American weather maps are mostly unchanged, and still hold very dry for Argentine corn and soybean areas across the two-week runs, which will be good for the delayed Brazilian harvest.

France’s Ag Ministry has released its estimates for new-crop area, and they include an 18-per-cent drop for corn and a 40pc drop for spring barley, but an increase of 15pc for winter wheat.

Results from The Philippines’ latest feed wheat tender came in just at under $300/t, which should back off to Australian shipment.


Quiet markets continued through yesterday, although some larger chunks of origination business did hit later in the day on the east coast, and discussion has been ongoing about more export sales running into the Australian winter.

Bureau of Meteorology forecasts are predicting a widespread 15-20 millimetres or more for much of New South Wales as we start looking towards planting.

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