Markets

Daily Market Wire 16 November 2020

Lachstock Consulting, November 16, 2020

Grains firmed back up across the board on Friday in the US

  • Chicago wheat December contract up US5.25cents per bushel to 593.5c;
  • Kansas wheat December contract up 8c/bu to 552c;
  • Minneapolis wheat December contract up 5.75c/bu to 554.75c;
  • MATIF wheat December contract up €0.75/t to €210.25;
  • Corn December contract up 2.25c/bu to 410.5c;
  • Soybeans January contract up 2.5c/bu to 1148c;
  • Winnipeg canola January contract up C$0.60/t to $560.50/t;
  • MATIF rapeseed February contract up €2.50/t to €408.75;
  • Brent crude January down US$0.65 per barrel to $42.78;
  • Dow Jones index up 400 points  to 29,480;
  • AUD firmer at $0.727;
  • CAD weaker at $1.314;
  • EUR firmer at $1.184.

International

  • More coronavirus lockdowns continue to come into effect around the world, with Austria entering a full lockdown over the weekend and increased policing being reported across the EU.  On the other hand, US President-elect Biden commented over the weekend his administration did not intend to try and force a national lockdown there despite continuing increases in cases.
  • The new China-led Asia Pacific trade deal (RCEP) has been signed over the weekend; some eight years in the making.
  • More coronavirus rumours emerged about contaminated Brazilian meat arriving in China, with the Wuhan government (of all places) claiming that they had found contamination on frozen beef imports.
  • Algeria’s OAIC tender reportedly saw 600,000t booked at a ~$275/t C&F
  • Saudi Arabia’s SAGO barley tender should see results out to start this week
  • South American field work continues to move along, with Argentina soybean planting progress at 20pc late last week and 31pc for corn.
  • Still no more flash sales from the USDA – the last flash was the Tuesday (US time) Korean corn sales.
  • Regular export sales saw no major surprises (again, this is all from pre-WASDE-report) with wheat at 301,000t, corn at one million tonnes (Mt) and beans at 1.47Mt.  Sorghum/Milo had 177,000t of new Chinese business and 68,000t of unknown that was confirmed to China.

Australia

  • Harvest continues to rattle along, however some showers through northern NSW held things up for a day late in the week
  • Better weather over the weekend saw fieldwork swing along quickly across the country and weather outlook for this week is very positive
  • Cash markets were relatively unchanged across the boards
  • Friday’s local future markets moved lower with Jan 21 ASX eastern wheat trading down $4.50/t late in the day for very small volume at $296.50/t.

 

Grain Central: Get our free daily cropping news straight to your inbox – Click here

HAVE YOUR SAY

Your email address will not be published.

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.

Comments

Get Grain Central's news headlines emailed to you -
FREE!