Friday’s wheat futures market continued lower, corn flat-lined and soybeans rose a little.
- CBOT wheat was down 2.75c to 504.25
- Kansas wheat down 5c to 476.5
- Corn unchanged at 374.75,
- Soybeans up 4c to 907.5
- Winnipeg canola down to $475.80,
- MATIF canola down €0.75 per tonne to €364
- Dow Jones up 448.86 to 25,883.25
- Crude oil up to $55.80,
- AUD up to 0.7154c,
- CAD up to 1.32313c, (AUDCAD 0.94657)
- EUR down to 1.1315 (AUDEUR 0.6321).
Wheat
Wheat markets remained soft on the back of Matif weakness and Russian cash markets falling away. This session was the first time since late Jan 2018 that WH has fallen below the 500c figure with mid-session levels reaching 499.25 before rebounding to 504.25c. Paris wheat came off 3 euro rounding out the week with losses of 8 euro creating more weakness for US wheat. Russian cash markets came off $3 down to $238, $9 off its highs. Rumours continue to circulate regarding trade meetings between the US and China with meeting expected to happen at some stage during March.
Corn
Corn was unchanged with a daily sale of 205,744 to unknown. There are suggestions that India may become an export destination with talk that their corn crop is -21 per cent down from this time last year. The only thing standing in the way is a 60pc import tariff which would need to get the flick.
Soybeans
The bean market picked up 4c in a session that traded both sides in a narrow range. NOPA crush figures came in at a record 171.63 vs market ideas of 169.6. COT from Jan 22nd has the bean short at 70.7k from 68.7k.
Australia
Domestically we have very little rainfall on the eight day forecast with no more than 5mm expected to fall in all cropping areas of Australia. East coast markets remain fairly flat as has been the case since harvest for wheat and canola.
Source: Lachstock Consulting
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