Wheat and corn futures fell about 2 per cent, rapeseed firmed and the US dollar dipped.

International

Grain markets collapsed into last night’s trading with pressure across the boards as markets continued to adjust after the USDA reports and fund selling triggers were reached.

We finally saw some confirmation of the rumoured sales to China, with flashes of 330,000t soybeans to China, 198,000t to unknown and 162,000t corn to unknown.

Rumours have another couple of cargoes  of soybeans sold yesterday/today.  Corn sales also running in the rumour mill.

Adding to the ongoing uncertainty over new machinery deliveries which have already seen delays from the global logistical backlog, John Deere workers are heading into a strike over wages.

The Government of Indonesia plans eventually to stop exporting raw palm oil and instead export refined products, the capacity for which is not there currently.

The regular export sales reports will publish on Friday, delayed a day.

The US government Energy Information Administration outlook on winter fuels attracted somewhat more attention than normal after the rally in gas.  They’re calling for the chance of record low inventories this winter with a colder than normal temperature outlook.

Weather maps are remaining dry across much of the Russian winter wheat area along the Volga River. Extended run models are bringing next to nothing into the month end.

Ukrainian winter wheat plantings estimated about two-thirds complete and corn harvest continuing.

Australia

The BOM is adding chances for a new storm system for WA later this month. Totals from the storms across the east coast have run nicely into that 1-2″ rain forecast for much of northern and central NSW.

Source: Lachstock Consulting