Daily Market Wire 2 November 2020

Lachstock Consulting, November 2, 2020

Grains were unchanged to lower. Oilseeds were firmer.

  • Chicago wheat December contract down US5.25cents per bushel to 598.5c;
  • Kansas wheat December contract down 0.75c/bu to 541.25c;
  • Minneapolis wheat December contract unchanged at 552.25c;
  • MATIF wheat December contract up €0.25/t to €205.25;
  • Corn December contract unchanged at 398.5c;
  • Soybeans January contract up 5.75c/bu to 1056.25c;
  • Winnipeg canola January up C$3.40/t to $542.60;
  • MATIF rapeseed February contract up €3/t to €386;
  • Brent crude December contract down US$0.19 per barrel to $37.46;
  • Dow Jones index down 158 points to 26,501;
  • AUD weaker at $0.702;
  • CAD unchanged at $1.332;
  • EUR weaker at $1.165.

US daylight saving time will end this Sunday, which will shift CBOT hours relatively one hour later in Australia


  • US election day is this Tuesday, 3 November. The last opinion polls suggest challenger Joe Biden is up 8pc or so on average against incumbent President Trump.  Certainty about poll accuracy is an ongoing question though, and the final result will likely be determined by a few swing states tipping the needle in the Electoral College.  Both sides are preparing for the possibility of an ongoing dispute over the results
  • Black Sea weather maps are slightly better into this week, boosting optimism there, although there’s still a good way to go before they’re out of the danger zone
  • Drier forecasts, and warming temperatures, meanwhile are back for the HRW belt of the US, with nothing much in terms of moisture across the two-week outlooks.
  • Brazilian soybean planting was pegged at 54pc complete in Matto Grosso as of late last week, still well behind average but picking up place after some of the recent moisture. Rains over the weekend have helped fill in some drier spots.  Weather maps are dry for central areas this week which should let them continue to roll, and some more rains on the outlooks into next week
  • Coronavirus impacts on global trade are still a concern, and we note government reports of contaminated pork imports to China from Brazil.  Earlier reports of contaminated shipments were mostly resolved, but the recurrence is an ongoing red flag for the meat flow
  • Two boats of unknown destination soybean sales were flashed on Friday (122,000t).


  • Good harvest conditions in the northern parts of NSW made for solid fieldwork over the weekend and weather forecasts remain dry for the east coast this week
  • Quality so far has held up, with fairly limited impacts from the weather
  • Rain on the maps is raising some concerns, with 20+ mm forecast this week across the southern wheat belt
  • Markets were a touch softer on Friday as we saw wheat off $2-3/t on contract bids while the cash boards were down $5/t
  • Barley markets remain firm across the country.


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