Grains eased, oilseeds markets were unchanged to firmer.
- Chicago wheat December contract down US6cents per bushel to 591.75c;
- Kansas wheat December contract down 9c/bu to 548.75c;
- Minneapolis wheat December contract down 4c/bu to 546.25c;
- MATIF wheat December contract down €2.25/t to €210.50;
- Corn December contract down 3.25c/bu to 422.5c;
- Soybeans January contract up 1.75c/bu to 1177.5c;
- Winnipeg canola January contract up C$2.90/t to $572.30/t;
- MATIF rapeseed February contract unchanged at €414.50;
- Brent crude January down US$0.14 per barrel to $44.20;
- Dow Jones index up 45 points to 29,483;
- AUD unchanged at $0.729;
- CAD firmer at $1.307;
- EUR firmer at $1.188.
Improved moisture outlooks for the US Hard Red Winter wheat belt seem to be melting away, with new models taking away all the moisture for north-west Kansas and cutting rainfall forecast for the panhandle to under 12 millimetres.
While no flash export sales were reported from the US, regular export sales comprised 200,000 tonnes of wheat, 1.1 million tonnes (Mt) of corn, and 1.4Mt of soybeans, a little disappointing on wheat, but as expected for row crops. There was also new sorghum boat in the mix to China, and an unknown new-crop sorghum sale, possibly to China.
In Europe, MATIF is planning to launch new cash-settled durum and barley futures contracts next year.
South American weather maps remain dry for soybean areas, but there is a bit of extended-term moisture poking its head back in. The debate is ongoing about how much yield potential soybean crops have if moisture returns and conditions improve.
Russian weather maps remain very dry. Scattered showers are forecast along the Volga but there’s no widespread change.
Overall ag markets have remained fairly quiet going into the weekend, and going into the short trading period next week, there’s a degree of early vacation mentality that seems to be setting in, with US markets closed on 26 November for Thanksgiving holiday.
Cash boards across the east coast and South Australia were mostly unchanged for the day, though there was some late strength the day with contract offers up a dollar or two. The Jan ASX east coast wheat contact traded up to $298/t.
In South Australia, hot weather prompted a fire ban which stopped most district from harvesting yesterday. Weather maps have pushed a little more moisture on to the forecasts for south-east Victoria, but look dry for main cropping areas into next week.
Source: Lachstock Consulting