Oilseeds firmed, grains futures were mixed.

• Chicago wheat December contract down US4.5cents per bushel to 597.5c;
• Kansas wheat December contract down 2.75c/bu to 552.5c;
• Minneapolis wheat December contract down 2.5c/bu to 554.75c;
• MATIF wheat December contract up €0.5/t to €209.25;
• Corn December contract up 0.75c/bu to 407.5c;
• Soybeans January contract up 9c/bu to 1110.5c;
• Winnipeg canola January up C$2.60/t to $548.50;
• MATIF rapeseed February contract up €3.25/t to €401.25;
• Brent crude January contract up US$2.95 per barrel to $42.40;
• Dow Jones index up 835 points  to 29,158;
• AUD firmer at $0.729;
• CAD firmer at $1.297;
• EUR weaker at $1.183.
  

International

• Macro markets spiked globally amidst excitement after the news of positive test results on Pfizer’s new coronavirus vaccine.  Though the vaccine is not yet ready for release, and distribution/production will also be an ongoing question, the DOW nevertheless celebrated the improving longer term outlooks by closing up 1257 points.
• Improved energy demand outlooks supported crude oil
• US meat futures were all up sharply, +5cents per pound on feeders, +3c/lb live cattle and 0.7c/lb on hogs as meat demand ideas jumped.
• The impact of politics in the US on global markets has eased off to start this week as confidence about the election results takes place – though we do note that legal challenges are still in play and (perhaps more significantly) questions about the Senate and presidential transition are still being determined.
• News reports out of China yesterday appeared to confirm what many had long suspected, that the government there is looking at the US elections, and change of power, as an excuse to back out of their trade deal commitments.  Despite the recent business they have remained far behind “schedule” in meeting their commitments, and few expect them to follow through as promised.
• The next USDA WASDE report is this coming Tuesday the 10th (US time). Ideas are for slightly lower corn and bean yields, though most discussion is focused on the potential for far larger Chinese corn imports, realized in the market, but not yet by the WASDE board officially, tightening the global corn situation.
• Updated flash sales had two more boats 123,000t of beans to unknown, probably China.
• Saudi Arabia’s SAGO tender results out last night saw them buy 14 boats (860,000t) of wheat as expected.  Prices were in the low-to-mid $270s per tonne CandF Red Sea and slightly higher to the Gulf.
• Brazil’s ABIOVE (Brazilian Association of Vegetable Oil Industries) estimated that they may import 1Mt of beans into Brazil this year, up from a couple hundred ‘000t on average. To facilitate this the Ag Ministry there just confirmed that they would accept US GMO bean traits.
• Brazilian soybean planting progress was pegged at 54pc, with major increases in the last two weeks.
• US regular export inspections out last night had no major surprises for the market. Corn inspections were 690,000t, beans 2.5 million tonnes, perhaps slightly higher than some thought, and wheat 304,000t.  Sorghum/milo had 71,000t to China, and we note that the much-discussed Brazilian soybean boat, 30,000t, was in the mix.
• The US crop progress report released after today’s market closed had corn harvest at 91pc and beans 92pc. Planting of wheat was pegged 93pc and better conditions were reported. The good-to-excellent rating this week was 2pc higher to 45pc.

Australia

• Harvest conditions are ideal around most of the country as we now really start to ramp up fieldwork
• Wheat markets rebounded again a fraction with bids a touch firmer in the market for both ex-harvest slots and deferred positions
• Canola followed offshore markets. Delivered bids were softer by $2-3/t
• A real mix of conditions to come over the next few days. SA has fire ban days on the cards, whilst Vic is set to receive 10-20mm. Thunderstorms and rain expected which will see some periods of harvest stalling around the states