Overnight futures markets:
Higher for grains, mixed for oilseeds.
- CBOT wheat up 6c to 416.75c,
- Kansas wheat up 5c to 416.25c,
- Corn up 1.25c to 349c,
- Soybean up 3.25c to 990.5c,
- Winnipeg canola down -1.40$C to 498.7$C,
- Matif canola down -2€ to 358.75€.
- The Dow Jones up 87.51 to 24592.31,
- Crude Oil down -0.46c to $56.67 per barrel,
- AUD up to 0.763c,
- CAD down to 1.282c, (AUDCAD 0.979)
- EUR up to 1.182c (AUDEUR 0.645).
Corn fractions higher, with a very low 2.5-cent range. It struggled to keep pace with wheat today, which finally got some market attention. Weekly ethanol production was slightly lower than last week’s record, yet still solid at 1.089 billion pounds.
Soybeans finished with slight gains in a quiet session, featuring a 5-cent range. The stronger finish was surprising, given that both the Argy and Brazilian forecasts are wetter. Soymeal finished up 90 cents per tonne, while soy oil was 24 points lower.
The Aussie forecast remains ideal for harvesting conditions in Victoria, while parts of Western SA are looking at 15-25mm which could add further delays to what’s been an incredibly slow harvest. Grower selling has had some influence on pricing in Victoria, now that harvest pace is increasing and the quality profile is becoming more apparent. Export business has confirmed underlying support for off grade wheat, while early protein results in Vic are putting pressure on spreads there. Local consumers need to be careful not to lose too much wheat to the export market, given the huge barley demand profile and tighter year on year supplies.
Source: Lachstock Consulting