French rapeseed fell more than 2pc. All others joined the downtrend.
- Chicago wheat December contract down US2.25c/bu to 731.75c/bu;
- Kansas wheat December contract down 3c/bu to 734.5c/bu;
- Minneapolis wheat December down 1c/bu to 945.5c/bu;
- MATIF wheat December contract down €0.50/t to €268.50/t;
- Corn December contract up 2.5c/bu to 533c/bu;
- Soybeans November contract down 14.75c/bu to 1228.25c/bu;
- Winnipeg canola November market was closed;
- MATIF rapeseed November contract down €17/t to €650.50/t;
- US dollar index up 0.2 to 94.3;
- AUD firmer at US$0.735;
- CAD unchanged at $1.248;
- EUR weaker at $1.155;
- ASX wheat January 2022 down A$2/t to $346/t;
- ASX wheat January 2023 down A$2/t to $360/t.
Slightly weaker on grains to start the week in quiet trading leading up to tonight’s WASDE report – Chicago closed -2 1/4¢, KC -3¢, Minny -1¢, and Matif 0.5€ on the earlier close. Corn gained two and a half cents to 533¢ and beans dropped 14 3/4¢ (Matif -17€). Macro markets have crude up another buck to $80.5 WTi / $83.7 Brent and the DOW was back 250 points. The AUD is trading at 73.5¢, the CAD $1.248, and the EUR $1.155 with the dxy up to 94.3
Chinese property bond markets crashed again yesterday after more defaults by Evergrande, re-opening the discussion about how big the problem in the property market there is and with what, and when, the government may intervene.
The October WASDE, to be published tonight, will incorporate last week’s stocks and production figures.
More rumours emerged about Chinese purchases of US beans which, if true should appear in flash sales reporting tomorrow when US government offices reopen.
Rains in southern Brazilian wheat areas have resulted in some localised, significant sprouting damage. Markets are still evaluating the overall volume impact.
Rains began falling as forecast across the US southern Plains and the southern part of the western Corn Belt. Eastern Kansas received more than 2 inches. Forecasts remain for a widespread 1-2″”+ across most of the WCB and much of the ECB.
Happy Thanksgiving to those in Canada.
Markets were a buck or two firmer for barley but largely unchanged for wheat yesterday. Canola slipped by $5-10/t
Old crop grain remains firm with spot demand bid up as consumers run hand to mouth in front of the new harvest.
Source: Lachstock Consulting