Wheat unchanged to lower. Oilseeds and corn firmed.
- Chicago wheat September contract down US0.25c/bu to 535;
- Kansas wheat September contract unchanged at 448.75;
- Minneapolis wheat September contract down 2.5c/bu to 512.75;
- Corn September contract up 3.25c/bu to 333.5;
- Soybeans August contract up 4.75c/bu to 898.25;
- Winnipeg canola November contract up C$4.10/t at C$483.50;
- MATIF wheat September contract down €1/t to €184.75;
- MATIF rapeseed August contract down €1.50/t to €384;
- Brent crude September contract down US$0.42 per barrel to $43.37;
- Dow Jones index down 63 points to 26,672;
- AUD firmer at $0.6996;
- CAD weaker at $1.3583;
- EUR firmer at $1.1426.
There was little new to get the wheat trade excited. Yes, Russian spring wheat area, and parts of Kazakhstan have weather problems, but that’s been known for several weeks now. EU wheat harvest is moving along, and no major bullish surprises coming there. Crops in France are mediocre but far from destroyed. Rumoured wheat sales to China certainly disappointed earlier in the week, and there’s little other new demand to lend “surprise” support to markets.
China business supportive
Two more boats of flashed bean sales did show up, which are expected to be Chinese, and rumours are circulating that more may have been sold. Chinese sales rumours are always somewhat questionable as we’ve seen with SRW, but the amount of corn sold recently has left traders a little more keen to accept the truth of rumoured corn sales. Row crop weather is looking alright though – with more potential moisture and more mild temperatures on the maps.
Showers continued to push through parts of WA over the weekend, with most areas receiving a good top up and pushing crops back towards more normal conditions and potentials. New season markets on Friday saw wheat mostly unchanged. Offerors were trying to move slightly higher but bidders were not following, a firmer AUD/USD supporting bidders’ logic. This week’s weather maps are calling for light showers across the east coast as we move into the weekend.
Source: Lachstock Consulting