Markets

Daily Market Wire 15 October 2021

Lachstock Consulting, October 15, 2021

Markets gained some of the ground lost the previous day.

  • Chicago wheat December contract up US6c/bu to 724.75c/bu;
  • Kansas wheat December contract up 9.25c/bu to 731c/bu;
  • Minneapolis wheat December up 11.25c/bu to 960c/bu;
  • MATIF wheat December contract up €5.75/t to €270.50/t;
  • Corn December contract up 4.5c/bu to 516.75c/bu;
  • Soybeans November contract up 11c/bu to 1206.25c/bu;
  • Winnipeg canola November contract up C$7 to $910.20/t;
  • MATIF rapeseed November contract up €13/t to €660/t;
  • US dollar index was unchanged at 94;
  • AUD firmer at US$0.742;
  • CAD firmer at $1.237;
  • EUR unchanged at $1.160;
  • ASX wheat January 2022 down A$5/t to $339/t;
  • ASX wheat January 2023 down A$4/t to $354/t.

International

Wheat markets bounced back across the board with Chicago up 6¢, KC +9 1/4¢, Minny +11 1/4¢, and Matif +5.75€ on the earlier close.  Corn was up four and a half cents and beans gained eleven (Matif +13€, Winnipeg +$7).  Crude oil has also bounced up nearly a buck after the stocks report surprise and bullish comments from Saudi Arabia to hit $81.3 WTI / $84 Brent and the DOW gained 535 points.  The AUD is trading at 74.2¢, the CAD $1.236, and the EUR $1.159 with the dxy at 93.9.

A new export sales flash had 132,000t more unknown destination bean sales which are largely expected to be Chinese boats. There are more rumours about further buying in the mix, transactions not yet reported

Regular weekly export sales will publish overnight.

Weekly US ethanol figures had production up to 1.032 million bpd compared with 978,000 bpd in the week prior.

The global fertilizer rally is continuing to attract more attention and speculation about next season acreage shifts. New highs are being reported in cash markets globally for both N and P.

More talk about Iranian wheat needs also doing the rounds, with comments earlier this week suggesting that they will need to more than triple their wheat imports this year after poor crops there.

Black Sea weather maps are remaining fairly dry along the Volga through the end of the month and little improvement was evident in the latest runs.

US Corn Belt rains have continued to fall and are forecast to continue moving east. A 1-2″ fall on the ECB is expected.  Harvest reportedly stopped in almost all areas, although with drier weather on the extended runs they’re looking to get back into the fields this coming weekend/early next week.

Australia

Local markets slid yesterday with the overseas weakness and firmer Australan dollar. Wheat was down $5/t or so and barley a couple bucks, while canola tracked the boards up $5/t in SA/WA.

Some reports of east coast hail damage coming in after storms in the Mallee region, but reports otherwise largely were positive after the moisture for later crop.

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