Markets

Daily Market Wire 2 September 2021

Lachstock Consulting, September 2, 2021

Corn settled 2pc lower. Wheat and soybeans about 1pc and canola was down in fractions.

  • Chicago wheat December contract down US8c/bu to 714.25c/bu;
  • Kansas wheat December contract down 8c/bu to 704;
  • Minneapolis wheat December contract down 4.75c/bu to 898.75c;
  • MATIF wheat December contract down €2.50/t to €242.75/t;
  • Corn December contract was down 11.5c/bu to 522.75c;
  • Soybeans November contract down 14.75c/bu to 1277.75c;
  • Winnipeg canola November contract was down C$4.50 to $890.80;
  • MATIF rapeseed November contract down €3/t to €564.25/t;
  • US dollar index down 0.1 to 92.5;
  • AUD firmer at US$0.737;
  • CAD unchanged at $1.262;
  • EUR firmer at $1.184;
  • ASX wheat September contract up A$4/t to $359/t;
  • ASX wheat January 2022 unchanged at $346/t.

International

Grains continued to slide overnight with row crops leading the way – corn was down 11.5¢ and beans -14 3/4¢ (matif -3€, Winnipeg -$4.5). Wheat followed corn down with Chicago closing -8¢, KC -8¢, Minny -4 3/4¢, and Matif -2.5€ on the earlier close. Macro markets saw crude nearly unchanged at $68.6 WT / $71.6 Brent and the DOW back 36 points.  The AUD is trading at 73.7¢, the CAD $1.262, and the EUR $1.184.

US boards will be closed for the night session on Sunday and Monday day-session there, reopening on the Monday night session, Tuesday Aussie time.

The latest headlines about the NOLA hurricane impacts report 22 barges drifting, with at least one colliding with a bridge.  Ideas about the re-opening of export terminals remain widespread and dynamic as they continue working to evaluate the damage to infrastructure.

USDA will be reviewing and potentially incorporating into the 10 September WASDE report acreage changes, based on the RMA (USDA Risk Management Agency is the manager of the Federal Crop Insurance Corporation, Ed) acreage figures. The timing is a month earlier than normal.

EIA ethanol figures yet again came in lower. This week the report was down 28,000 barrels to 905,000 bpd, with stocks down to 21.1 million barrels.

September corn crush was pegged by USDA National Agricultural Statistics Service (NASS) at 449 mbu, about as expected. It is normally easy to estimate corn crush when following the ethanol numbers.

Algeria’s OAIC tender results are now estimated to have booked potentially up to 500,000t, unofficial results as always.

US corn harvest continues to gradually push north with central Corn Belt crops rapidly maturing and not far off harvest. Forecast rains in parts of the western Corn Belt are showing 2-3″ in places but fairly limited concerns about adverse crop impacts at this point.

Australia

Little market change in quiet trade as participants evaluate crop ideas and watch global moves.

Domestic consumers have been slightly more active for some late old season/pre-harvest slots.

BOM forecasts continue to fill some gaps in northern NSW. Widespread falls of 15-20+ mm are forecast across almost all of the state.

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