Daily Market Wire 21 January 2020

Guest Author, January 21, 2020

European markets settled 1pc firmer.  US markets were shut for the holiday

  • MATIF wheat March contract up €1.75 to €195.75/t;
  • Winnipeg canola March contract up C$5/t to $481/t;
  • MATIF rapeseed February contract up €4/t to €411.50/t;
  • Brent crude March contract up $0.35c per barrel to $65.20 per barrel;
  • Dow Jones index unquoted;
  • AUD unchanged at $0.6870;
  • CAD stronger at $1.305;
  • EUR unchanged at $1.109.


Closed markets in the US overnight for the holiday there – Matif wheat picked up a euro seventy five to 195.75€ and rapeseed +4€ to 411.5€.  The AUD’s trading around 68.7¢, the CAD $1.305, and the EUR $1.109.

Not much happening globally yet this week.

Algeria is back again for wheat (OAIC). The tender will be interesting pricing given both the firmness in the US board and the logistical problems in France caused by the ongoing train strike.  Is there a chance for HRW to price some demand?  Argentine wheat can still fit in for this tender too, though politics have not helped the situation there.

As has happened in a few locations in the last couple of years, Russia is also reported to be sending wheat samples to the government of Algeria hoping to gain acceptance for future business there.  Russia did the same with Saudi Arabia.

South American bean harvest is also picking up, with estimates out of Brazil up to about 2pc completed nationally, though still down compared with last year.


Sorghum planting has commenced, with more interest discussed despite the late point in the season.  A few wheat/barley longs have got slightly spooked up north, but it’s still to be seen how significant the acreage.

Weather forecasts have also solidified slightly with the last runs more confidently calling for 25+ mm across the Inner Darling Downs and slightly less to the west.

Moisture will be well appreciated if realised. There’s not much on the maps for the rest of the country neither nearby nor for the extended runs.

Wheat export shipments are continuing, with a few in the market speculating about the heavy shipment stem, which includes transhipments, but we’re some $20+/t away from pricing any elastic demand at this point.




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