Lower for grains and oilseeds.
- CBOT wheat was down -7.25c to 424.25c,
- Kansas wheat down -5.75c to 427.5c,
- corn down -1.25c to 342.25c,
- Soybean down -12.75c to 974.25c,
- Winnipeg Canola market was closed
- Matif canola was down -1.5€ to 379.25€.
- The Dow Jones up 23.00 to 23445.91,
- Crude Oil up 0.009c to 56.75c,
- AUD down to 0.762c,
- CAD up to 1.273c, (AUDCAD 0.970)
- EUR up to 1.166c (AUDEUR 0.653).
Wheat suffered heavy selling pressure, with spring wheat leading the charge, falling US14.2 cents/bushel in light volume. Implied volatility in December Soft Red Winter wheat went out at 16.3 per cent. Russian values are reportedly softening on account of weakness in the Ruble. Although nothing is trading, the offer side of the market is still holding firm. Morocco bought 30,000t of US wheat in their recent tender. Now we wait for the results of Jordan and Turkey’s open tenders. New crop US winter wheat is expected to be 95pc planted, with conditions improving slightly.
The Aussie forecast has 25-50 mm forecast for a reasonable part of NSW and Victoria, which will delay harvest and may lead to some quality downgrades. This will slow grower selling, as producers will not be comfortable committing to sales until it’s in the bin. Cash markets remain reasonably quiet with old crop stocks still putting pressure on track markets.
Source: Lachstock Consulting