- CBOT wheat was up 1.75c to 520c,
- Kansas wheat was down -1.75c to 492c,
- Corn was up 5.5c to 378.25c,
- Soybeans were up 12.5c to 917.5c,
- Winnipeg canola up $C1.5 to $C481.2,
- MATIF canola down €0.50 per tonne to €370/t,
- Dow Jones up 372.64 to 25425.76,
- Crude oil up US$0.66 to $53.07 per barrel,
- AUD up to 0.7096c,
- CAD down to 1.32406c, (AUDCAD 0.93953)
- EUR up to 1.13301c (AUDEUR 0.6262).
Chicago found 1.75c overnight in a session that reflected relatively flat world markets. Early on it was suggested that initial lower level trade discussions with China were going well which got things moving, only to see a Bloomberg headline stating that Trump is open to letting the March 1st deadline for Chinese headlines slide. As we have been doing for some time already, we are left to sit and wait a little longer. It has also been suggested that the US Government is looking likely to avoid another shutdown which has provided the market with a level of optimism that has been missing for some time.
March corn has continued its consistent run remaining within its tight 12c range that has lasted two months despite its overnight increase of 5.5c. CONAB has pegged the Brazilian crop at 91.7 mil which is up 500k from last month. We saw a daily sale of 122,376 sold to unknown.
Soybeans corrected after yesterday’s session with a 12.5c increase with promising trade talk doing the rounds. Despite the potential trade resolution on the horizon, it will remain difficult to eat away with any significance at the current US carryout stocks which remain rather heavy. It has been suggested that the upcoming Brazilian bean crop may be reduced again with talk surrounding the fact that the recent survey didn’t properly encapsulate the amount of dryness in some areas. CONAB reduced the current figures by 3.5mil sown to 115.3mil.
Domestically, flood damage in Queensland remains the main focus point with the loss of cattle figure yet to be determined. The eight day rainfall forecast has been reduced in Qld which will hopefully provide a level of respite for all effected farmers. NSW, Vic, SA and WA are all set for a dry week ahead with little to no rainfall expected across the board.