Markets

Daily Market Wire 14 April 2021

Lachstock Consulting, April 14, 2021

Commodities firmed and US currency weakened.

  • Chicago wheat May contract up US1.75c/bu to 629.75c;
  • Kansas wheat May contract up 5.75c/bu to 584.75c;
  • Minneapolis wheat May contract up 6.25c/bu to 649c;
  • MATIF wheat May contract up €6.25/t to €217.50/t ;
  • Corn May contract up 11c/bu to 580c;
  • Soybeans May contract up 7.5c/bu to 1389.5c;
  • Winnipeg canola May contract up C$10.10/t to $817.20;
  • MATIF rapeseed May contract up €2.75/t to €505.25/t;
  • US dollar index down 0.3 to 91.8;
  • AUD firmer at US$0.764;
  • CAD firmer at $1.253;
  • EUR firmer at $1.195;
  • ASX wheat May contract down $1/t to $281/t;
  • ASX wheat January 2022 up $1.50/t to $292.50/t.

International

Slightly firmer boards last night with corn strength leading the way. Corn ended up 11¢ May (eight on december) and beans gained 7.5¢ (with Matif +2.75€, Winnipeg +$10.1).  Wheat strength remained concentrated on the protein side with Minny +6 1/4¢, KC +5 3/4¢, Chicago +1.75¢, and Matif +6.25€ on the earlier close.  Crude was up half a buck to $60.2 WTI / $63.7 Brent and the DOW dropped 68 points after recovering from lower mid session markets.  The USD gave up three tenths to 91.8.

The US is suspending vaccinations with the Johnson and Johnson vaccine after blood clot concerns. Macro markets are not happy to see yet another vaccine shelved, at least temporarily.

Cases continue to spike in India with new highs being reached in daily confirmed figures. Indian totals are overtaking those in Brazil.

Ramadan began last night with much of the Middle East going into temporary shutdown mode for the holiday which will end on 12 May.

Snowfalls across parts of the northern plains of the US/southern Canada will continue late into the night. There’s optimism about the improved moisture but by itself the snowfall has not been sufficient to offset the exceptionally dry conditions in parts of North Dakota.

Drought monitor figures, due for update again this Thursday use a mix of hard data and subjective feedback.

More moisture is also on the maps for much of the Hard Red Winter wheat belt in the US, with a solid inch forecast across the majority of central/western Kansas and parts of Colorado and south western Nebraska.

France’s AgriMer (government agency) is calling wheat acreage up 15pc year-on-year, barley down 12pc with lower spring plantings, and canola off 27pc.

US ethanol figures are due out again tonight. There’s a lawsuit underway to challenge the E15 approval which substantially increased the “blend wall” and indirectly reduced the ability for oil companies to try for waivers on their RIN obligations.

Australia

Still quiet on the local front, with the same ongoing focus on logistics amid rumours of train delays in southern NSW.

BOM forecasts still dry as we move towards Anzac Day.

Grain Central: Get our free daily cropping news straight to your inbox – Click here

HAVE YOUR SAY

Your email address will not be published.

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.

Comments

Get Grain Central's news headlines emailed to you -
FREE!