Grains were mixed, canola was lower.
- Chicago wheat December contract down US0.5 cents per bushel to 543.75c;
- Kansas wheat December contract up 1.5c/bu to 471c;
- Minneapolis wheat December contract down 0.75c/bu to 535.50;
- MATIF wheat December contract unchanged at €188.75;
- Corn December contract down 1.5c/bu to 360.25c;
- Soybeans November contract up 5.75c/bu to 978.75c;
- Winnipeg canola November down C$5.50 to C$505.40;
- MATIF rapeseed November contract down €2/t to €381.75;
- Brent crude November contract up US$1.01 per barrel to $40.7939.78;
- Dow Jones index points up 440 points to 27940;
- AUD weaker at $0.721;
- CAD weaker at $1.323;
- EUR weaker at $1.178.
- The Russian market firmed overnight – seemingly at odds with increases in production as harvest draws near a close. With reports suggesting 83pc of the crop is harvested with 79 million tonnes (Mt) received. USDA currently at 78Mt so we expect they will adjust this number higher
- An interesting line in the wires overnight indicating that a Philippines ag lobby group is trying to limit wheat imports to support its local corn market. This is meaningful for Australia, with a large program already booked.
- US corn and soybean export pace to China will be feature of pre-report expectations. Corn is certainly keeping the bid under the wheat market and the trade will be looking for some support/confirmation from the USDA
- Bulls need feeding and the USDA report is the chuck wagon – it will set the tone and it’s hard to see an unchanged result – there is some tension ahead of this one.
- New crop markets gained ground late yesterday with bids pushing firmer by another $2-3/t on wheat and barley
- We saw old crop markets also follow the upward trend and firm with barley in Victoria trading around $220/t track equivalent
- AUD/USD pushes back up towards .73 range with it currently at .7280 this morning
- LSC NSW team hit Moree yesterday afternoon, crop potential is certainly there but growers would love another rain and continual kind finish
- The Wimmera and Western Vic looking to lead the charge with a 15-20mm event on its way
- SA also set to receive a wide spread 5-15mm event across the cropping regions in the next 8 day according to the BOM
Source: Lachstock Consulting
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