Markets

Daily Market Wire 11 September 2020

Lachstock Consulting, September 11, 2020

Wheat contracts closed higher and oilseed markets were mixed.

  • Chicago wheat December contract up US4.50 cents per bushel to 548.25c;
  • Kansas wheat December contract up 3c/bu to 474c;
  • Minneapolis wheat December contract unchanged at 535.50;
  • MATIF wheat December contract up €0.75 per tonne to €189.50;
  • Corn December contract up 4.75c/bu to 365c;
  • Soybeans November contract down 1.25c/bu to 977.50c;
  • Winnipeg canola November up C$4.40 to $509.80;
  • MATIF rapeseed November contract down €3.25/t to €379;
  • Brent crude November contract down US$0.73 per barrel to $40.06;
  • Dow Jones index down 406 points to 27,535;
  • AUD lower at $0.7258;
  • CAD higher at $1.3191;
  • EUR higher at $1.1814.

Markets

The long-awaited Saudi wheat tender is out, and calling for 715,000t; history suggests there will be a barley tender in seven days’ time, which will be significant for Australia.

On corn, Louis Dreyfus indicated China could need as much as 30 million tonnes of (Mt) corn imports on top of the near 60Mt of state-auction corn released from reserve inventory. Wet weather is a huge concern to China’s domestic production as it enters the harvest window.

Due to the US Labor Day public holiday on Monday, export sales figures will be released tomorrow, making Friday’s session a big news day. USDA’s World Agricultural Supply and Demand Estimates report report will drive sentiment, given the adverse weather through the US row-crop belt. Ahead of the report, funds find themselves long, markets are rallying, and conditions in the US and Ukraine are deteriorating.

Germany has confirmed a wild boar was found with African Swine Fever; the positive is it was found in an area with very few pig farms.

Australia

New-crop markets were quiet yesterday, with trade bids and offers softer by a dollar or two.  Local futures markets settled the day $3/t softer on the January 21 East Coast wheat contract. New-crop canola lost ground yesterday, with values across the east coast down $3-4/t.

A most welcome but patchy 15-30 millimetres of rain has been received from Central Queensland to northern New South Wales since Wednesday as a nice surprise for growers.  Rain is expected now across most parts of South Australia and Victoria, and 10-20mm from it would put crops in the box seat.

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