Daily Market Wire 2 October 2020

Lachstock Consulting, October 2, 2020

Wheat futures closed lower.

  • Chicago wheat December contract down US8.25 cents per bushel to 569.75c;
  • Kansas wheat December contract down 4c/bu to 505.75c;
  • Minneapolis wheat December contract down 6.75c/bu to 533.5c;
  • MATIF wheat December contract down €0.75 per tonne to €197;
  • Corn December contract up 3.75c/bu to 382.75c;
  • Soybeans November contract unchanged at 1023.5c;
  • Winnipeg canola November down C$3.10/t to $517.30;
  • MATIF rapeseed November contract up €4.25/t to €389.25;
  • Brent crude November contract down US$1.37 per barrel to $40.93;
  • Dow Jones index up 35 points to 27,817;
  • AUD higher at $0.719;
  • CAD higher at $1.329;
  • EUR higher at $1.175.


  • After yesterday’s rally the market consolidated today and closed down across the board.
  • Export sales from the US were released. Corn exports were 2 million tonnes (Mt) vs. trade expectations 800,000t to 1Mt, beans at 2.6Mt were also above expectations of 800,000t to 1.4Mt.  Wheat was 500,000t, slightly above expectations.
  • Tomorrow the market will be watching the commitment of traders report to follow the fund changes in positions after a very volatile week of trade.
  • Matif rapeseed held up well playing catch-up with yesterday’s post market rally and also due to ongoing concerns about a significant drop in Ukrainian rapeseed area given the late planting season.
  • Next week we look towards a WASDE report on Friday the 9th, which after this week’s stocks reports will be eagerly anticipated.  There is ongoing discussion around China’s import figures and Ukraine corn production that the USDA is using and how that flows back into the corn and bean S&Ds in particular.



  • New crop wheat markets started the day strong, up $7-8/t across the board
  • WA grower bids pushed up to $338/t FIS level with weather conditions still not great and no sign of relief on the forecast
  • There was activity through the trade, growers saw plenty of offers hit the market along the east coast for wheat, barley and canola.
  • Old season Victorian wheat also traded early in the day with values up $5-6/t, with track Geelong/Melbourne APW valued around $312-315/t range site dependent
  • New crop canola showed a little strength being up $2-3/t along the east coast and again stronger in the west

Forecast remains positive but with harvest getting underway through Qld and around the corner for northern NSW growers this may see some extra delays, but will benefit the moisture profile for summer crop program.

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