Corn firmed 1 percent. All other markets eased between 1pc and 2pc.
- Chicago December wheat down US7c/bu to 553.5c/bu;
- Kansas December wheat down 12.5c/bu to 627.25c/bu;
- Minneapolis Dec wheat down 9.25c/bu to 726c/bu;
- MATIF wheat Dec down €2/t to €226.25/t;
- Black Sea wheat futures has not quoted since 11 August;
- Corn December up 4c/bu to 474.75c/bu;
- Soybeans May 2024 down 24.25c/bu to 1386.5c/bu;
- Winnipeg canola May 2024 down C$12.70/t to C$715.80/t;
- MATIF rapeseed May 2024 down €3.50/t to €444.50/t;
- ASX January 2024 wheat down A$3/t to $388/t;
- ASX January 2024 barley up A$0.50/t to $335.50/t;
- AUD dollar down 36 points to US$0.6472.
Buenos Aires Grain Exchange again cut its forecast of Argentine 2023/24 wheat and corn crops but allocated more acres to soybeans. After back-to-back winter crop droughts, the wheat crop this year was also hit by frost, bringing the production estimate down from 15.4 million tonnes (Mt) to 14.7Mt. Argentina is a traditional rival of Australian wheat through the first quarter of the year as it utilises its supply chain in the period before row crops are harvested.
Depending on how you are positioned, the fact the Australian dollar traded above A$1=US$0.6520 is somewhat significant. The fact it didn’t close up also is significant, and until it does, the LSC tech guru remains cautious. It was notable that the lack of stop loss buying allowed the range traders to step back in.
Locally wheat values were mostly stagnant with some localised pressure around delivered homes but by and large there was no real change from the previous day. There is better quality grain now being received, and the protein profile is adjusting slightly as harvest in eastern Australia moves south.
Barley was $5/t firmer yesterday, the delivered Darling Downs price leading the charge amid trade shorts on the bid side. Canola was resilient when compared with the continued slide in offshore futures markets. Local values were nominally down $2-5/mt with the better rail receival sites holding value.
The rain event continues to build with Surat in the Maranoa region of Queensland set to receive over 120mm over the next 15 days.