Grains and oilseeds futures were mostly lower on Friday;
- Chicago wheat July contract was down 5.5c/bu to 504.5;
- Kansas wheat July contract was down 6.25c/bu to 449;
- Minneapolis wheat July contract up 3.75c/bu to 568.75;
- MATIF wheat September contract down €0.50/t to €179
- MATIF rapeseed August contract was down €0.50 at €367
- Winnipeg canola July contract down $C1.70/t to $C453
- Corn July contract down 4.75c/bu to 415.75
- Soybeans July contract down 12.5c/bu to 856.25;
- Crude oil July contract up US$1.40/barrel to $53.99
- Dow Jones up 263.28 points to 25,983.94
- AUD up to 0.6999
- CAD up to 1.3280
- EUR up to 1.1340
Friday’s markets in the US closed weaker.
In spite of rain on near-mature US wheat crops, the upcoming harvest appears to have garnered a net benefit from the wet spring. In any event, analysts recognise world supplies are plenty to meet consumption demand.
Friday’s US agricultural trade data report kept US soybean exports trimmed, its forecast down US$1.5 billion to $17.0 billion, on account of the known basket of impediments, African Swine Fever and continuing trade tensions with China. Nor are grain and feedstuffs exports immune from the downturn in US agricultural trade, suffering, like soybeans a year-on-year trade cut of around 10 per cent. USDA forecast a decrease in corn exports would cut grain and feedstuffs exports by $2.7 billion to $31.0 billion.
Seeds of hope emerged with WA receiving modest rain over the weekend, as did parts of northern NSW and Queensland. While the best weekend recordings of 30-35mm fell in Queensland’s Wide Bay coastal area, a few locations near the Great Dividing Range has received 20-25mm.
Local wheat prices closed the week on a bounce; ASX settled $10/t firmer than Thursday, having fallen almost $20/t earlier in the week. The ASX January east coast wheat contract settled on Friday at $336/t.
The Lachstock market report will return tomorrow.