Wheat markets remain indecisive after a night of moderate losses across the board.

Markets find themselves in familiar territory as corn and a stronger USD shackled any efforts of a rally.

CBOT Wheat was down -3.25c to 417c, Kansas wheat down -2.25c to 423c, corn down -6.5c to 360.75c, soybeans down -5.75c to 984.75c, Winnipeg canola down -$C2.69 to $C501.7, and Matif canola down -€1 to €392.75. The Dow Jones down -40.27 to 18162.35 , Crude Oil down -1.17c to 50.43c, AUD down to 0.76258c, CAD up to 1.3231c, (AUDCAD 1.00896) and the was EUR down to 1.0927c (AUDEUR 0.6977).

Nigeria and Algeria made up 20% of our total global sales for HRW after export sales came in at 513.8k, including 167.7k of HRW. The market was looking for 450k and in order to meet USDA expectations we only need to reach 338k.

Russia landed the entire Egypt tender after the GASC took 120k of Russian wheat at $179.70 FOB or $189.40 landed.

Soybeans lost late ground overnight to close 6c lower after what was a positive start to the session. Bean oil remains a determining factor for soybean movements as they both drifted into negative territory. Soybean harvest continues to roll along at a steady pace as it creeps towards its later stages.

Canola followed the soy complex into red territory overnight. It would appear that export buying interest is on the rise at the same time farmer selling has become less aggressive.

The rise in export interest comes on the back of grower impatience after significant harvest delays in Canada, although the forecast is promising as we expect harvest to recommence within the next week.

Domestically, cases of anthracnose has been confirmed in some NSW lupin crops.

This fungal disease causes lesions leading to deformed stems and pods which can cause complete pod loss and scarred seed.

The eradication of this disease looks promising for the reported cases are isolated from one another. It has been reported that India purchased 100,000mt of Aussie new crop wheat in recent deals for January shipment.
Rainfall forecasts in Australia remain somewhat consistent with Northern NSW still expected to receive upwards of 25mm over the next eight days. QLD and SA can expect less than 10mm in most areas over the next week.

• Source: Lachstock Consulting