Friday’s futures markets
- CBOT wheat down -4c to 457.75c,
- Kansas wheat up 0.5c to 478.5c,
- corn down -0.25c to 367.5c,
- Soybean down -2.5c to 1032.5c,
- Winnipeg Canola up 2.39$C to 508.2$C, and
- Matif canola up 0.75€ to 350.25€.
- The Dow Jones up 19.01 to 25219.38,
- Crude Oil up 0.26c to $US61.61 per barrel,
- AUD up to 0.791c,
- CAD down to 1.255c, (AUDCAD 0.991) and the
- EUR up to 1.240c (AUDEUR 0.637).p
Corn fractions lower, in a very quiet session featuring a US2c/bu range. Corn is holding steady at the top end of the range, as the market is still perceiving upside risk given that US supplies are dominating global trade, as well as the threat of a smaller crop in Brazil and the potential for lower US acres given the strength in beans. COT data saw corn +11,000 vs. -71,700 contracts last week. The monthly COT turnaround is impressive, given that on the 23rd of Jan the fund position was -248,000 contracts, and we have only moved 18c/bu in covering it off.
Australian markets were quiet on Friday with a firming dollar limited liquidity in both wheat and barley. The barley market is awaiting the result of the Saudi Government’s tender for 960,000t of feed, which is expected to mark a significant price increase since the last tender, given the very tight global situation. Aussie wheat markets should start to see some better demand potential, given the increase in Russian values, which have been the anchor to global prices and export demand this year.