Corn and beans lifted more than 1pc on Friday. Wheat markets were mixed.
- Chicago wheat December contract down US3.75c/bu to 688.5c/bu;
- Kansas wheat December contract down 0.25c/bu to 682.5c/bu;
- Minneapolis wheat December up 6.25c/bu to 878.75c/bu;
- MATIF wheat December contract down €1.75/t to €237.75/t;
- Corn December contract up 7.5c/bu to 517.5c/bu;
- Soybeans November contract up 16c/bu to 1286.5c/bu;
- Winnipeg canola November contract up C$1 to $853.70/t;
- MATIF rapeseed November contract up €0.75/t to €570.75/t;
- US dollar index up 0.1 to 92.6;
- AUD weaker at US$0.736;
- CAD weaker at $1.269;
- EUR weaker at $1.180;
- ASX wheat September contract down A$4/t to $332.50/t;
- ASX wheat January 2022 down $5/t to $330/t.
In the wheat pits Chicago settled down -3.75 usc/bu closing at 688.5usc/bu, Kansas was -0.25 usc/bu lower to settle at 682.5usc/bu, while Minni rallied 6.25 usc/bu to go out at 878.75usc/bu. Corn gained 7.5 usc/bu to go out at 517.5usc/bu while beans were up 16 usc/bu to settle at 1286.5usc/bu WCE canola rallied 1 CAD/mt closing at 853.7CAD/mt with Matif canola finishing higher by 0.75 Eur/mt. In outside markets the Dow Jones fell -271.66 points, crude was up 1.52 bbl the Aussie was -0.0038 points lower to settle at 0.73294, the CAD rallied 0.0027 while the EUR fell -0.0018.
Wheat went home without a bang with little to push values either way presented by the USDA. The end of September report is far more important to the wheat market so, without any meaningful pull from the row crops, wheat was given an early mark for the weekend. US wheat carryout was trimmed slightly.
Global wheat changes included increasing the Australian production forecast to 31.5 million tonnes (Mt) from 30Mt and lowering Canada to 23Mt from 24Mt.
On the row crop side, the main risk leading into the report was a much larger planted area in corn. The USDA report fell short of some of the more aggressive ideas, only increasing acres by 600,000. With a small tickle up in yield to 176.3bu/ac, offset by higher feed use and exports, things were largely unchanged. Beans actually saw a slightly lower planted area and lower crush, but slightly higher exports
Friday’s wheat market had another Russian tax hike, up another US$6/t, and a solid round of global buying.
Markets closed the week very quietly a couple of bucks softer across the board. Bits and pieces traded both old and new crop. Enquiries slowed over the week as the wheat and canola bids slipped. Barley markets continued to hold, the bid/offer spread narrowing in trade markets.
The Lower North and Murraylands regions of South Australia received scattered showers from Sunday morning with growers in those regions picking up 5-10mm. This will go a long way at this time of year as we approach the half way mark of September as local conditions remain on the dryer side.
Hay cutting has kicked off over on the Eyre Peninsula and Mid North region for the earlier crops.
Weather models still forecasting scattered showers for southern parts of WA, western Victoria and southern NSW regions, growers searching now for that above average spring rainfall.
Source: Lachstock Consulting