US markets were closed for the Presidents’ Day US holiday.
- Chicago wheat March contract closed for holiday;
- Kansas wheat March contract closed for holiday;
- Minneapolis wheat March contract closed for holiday;
- MATIF wheat March contract unchanged at €194/t;
- Corn March contract closed for holiday;
- Soybeans March contract closed for holiday;
- Winnipeg canola March contract no report;
- MATIF rapeseed May contract up €1.25/t to €400.75/t;
- Brent crude April contract up US$0.26 per barrel to $57.58;
- Dow Jones index closed for holiday;
- AUD weaker at $0.6714;
- CAD firmer at $1.3236;
- EUR weaker at $1.0838.
Market news
US markets were closed overnight for the Presidents’ Day holiday and will reopen with today’s night session. Matif wheat was unchanged at a €194/t and rapeseed ended up a euro twenty five to €400.75/t. The GBP has dropped a bit under half a cent though ($1.300) after challenges in UK/EU trade talks.
Grain markets have been relatively quiet with the holiday. Black Sea conditions continue to look optimistic on reasonable weather forecasts, Brazilian bean harvest is pushing along with good yields and ongoing safrinha planting, while a cold front later this week in the US is bringing chances of more snow across the Southern Plains.
Australia
Australia’s Bureau of Agricultural and Resource Economics and Sciences (ABARES) released its February crop report, trimming current crop wheat to 15.2Mt (Lachstock 15.3Mt), raised barley to 8.9Mt (Lachstock 9.4Mt – the majority of this difference is in our higher assessment of Vic barley), canola 2.3Mt (Lachstock 2.3Mt), and new crop sorghum at 292,000t (Lackstock 405,000t).
At this point it’s more a question of how demand will play out than the crop figures, demand volumes being well known and understood.
There are more rumours about additional Chinese wheat sales spurring some questions.
Containerised export volume also continues to pick up some, but domestically the market remains offer-heavy.
Rains through yesterday continued to fill in parts of central/northern NSW with 40-50+ mm in spots.
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