Markets closed mixed in overnight trading.
Chicago wheat September contract up US2c/bu to 526.75;- Kansas wheat September contract down 6.75c/bu to 442.25;
- Minneapolis wheat September contract unchanged at 518.75;
- Corn September contract down 2.75c/bu to 326;
- Soybeans August contract up 4c/bu to 878;
- Winnipeg canola November contract up C$1.80/t at C$479.20;
- MATIF wheat September contract up €0.75/t to €185.50;
- MATIF rapeseed August contract unchanged at €381.75;
- Brent crude September contract up US$0.18 per barrel to $42.90;
- Dow Jones index up 557 points to 26,643;
- AUD firmer at $0.6987;
- CAD firmer at $1.3601;
- EUR firmer at $1.1408.
Weather forecasts continue to call for a solid band of rain across most of Iowa and Illinois, comforting earlier worries about the corn crop. Forecasts for later next week turn warm and dry again, but if the US gets coming in the short term, markets will be happy.
More sales to China
On the row-crop side, we did get another set of flashed Chinese sales from the USDA, with 1.76 million tonnes of new-crop corn and two boats of new-crop soybeans. No more wheat sales have been seen, despite continued talk about Soft Red Winter wheat potentially trading. Egypt’s GASC was back in the market, taking two boats of Russian wheat in the high $220s/t cost and freight, which is up $8 from previous purchases. Lower Russian crop ideas continue to slip in as southern yields disappoint, and as spring wheat continues to cook, although other recent estimates out of the center and Volga are still optimistic.
Australia
Domestic cash markets were a touch softer to unchanged in some zones yesterday, and January east coast wheat settled at $294/t, with barley at $230/t. Current-crop wheat and barley continues to trade through Victoria and South Australia, with values being relatively unchanged to a touch stronger where demand is needed to fill prompt slots. Forecasts for rain this week in Western Australia look promising.
Source: Lachstock Consulting
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