Higher across the board.
CBOT Wheat was up 5c to 399c, Kansas wheat up 5.25c to 408c, corn up 4.25c to 341.5c, soybeans up 5.25c to 989.5c,
Winnipeg canola up 1.4$C to 511.1$C, and Matif canola up 3.5€ to 392.5€.
The Dow Jones up 54.37 to 18923.06 , Crude Oil up 2.45c to 45.77c,
AUD up to 0.75611c, CAD down to 1.34c, (AUDCAD 1.01705) and the was EUR down to 1.07c (AUDEUR 0.705).
Wheat found support above old lows on a combination of macro support, large fund shorts and speculation on consumptive buying. Implied volatility in wheat up 2% at 25%. Algeria suspected to take German/Baltic grain in their wheat tender at $199-200.
Market looking for a bullish story with dryness in Argentina’s crop, however, too early to see any real production threats.
Canola found support from stronger oil prices, but was partially offset by reports of climbing global oilseeds stocks.
Australian rainfall causing harvest delays in cereals, but not looking to do any significant damage as yet.
- Source: Lachstock Consulting
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