Slight changes in wheat and corn, soybeans dive.
- CBOT wheat up 1 cent per bushel to 518.25c,
- Kansas wheat down 0.5c to 493.75c,
- Corn down 1.5c to 372.75c,
- Soybeans down 9.5c to 905c,
- Winnipeg canola down C$3.60 to $479.70,
- MATIF canola down €1.50 per tonne to €370.50/t,
- Dow Jones down 53.22 to 25053.11,
- Crude oil down US$0.26 to $52.45 per barrel,
- AUD up to 0.70617c,
- CAD up to 1.33051c (AUDCAD 0.93955),
- EUR up to 1.12766c (AUDEUR 0.626).
Demand remains the focus for wheat, based on two sales comprising of 120,000 tonnes of Soft Red Winter (SRW) wheat to Egypt and 128,000t of Hard Red Winter wheat to Nigeria. Further reports suggest there was a 60,000t sale of SRW into Indonesia now that US wheat is pricing into every corner of the globe. Russian free on board prices have dropped $2.75/t to $243.50. The most recent US inspections were at 562,300t, in line with expectations, which is 10 per cent behind this time last year.
It was a fairly sleepy session for corn overnight, as it traded mostly within a 3c range. The November final yield reduction in the recent USDA report was the largest in history, albeit within expected trade ideas, and the market therefore remains somewhat unflustered.
The bean market lost 9.5c in overnight trading. Trade talks between the US and China have kicked off and will remain a major focus until we get some answers. According to forecaster AgRural, Brazil’s soybean harvest is more than 25pc complete. There are suggestions that Brazil’s crop is looking to be smaller than initially anticipated at around 112 million tonnes.
The New South Wales and Victorian cash markets have continued to soften, with grower selling keeping end-users busy for the time being. The upcoming eight-day forecast has northern Queensland set to record upwards of 30 millimetres in some parts, and Central Queensland 5-10mm.
Source: Lachstock Consulting