Markets closed mostly higher.
- Chicago wheat December contract up US5 cents per bushel to 632c;
- Kansas wheat December contract up 8c/bu to 571c;
- Minneapolis wheat December contract up 9.5c/bu to 577.75c;
- MATIF wheat December contract down €0.25 per tonne to €211.25;
- Corn December contract up 3.5c/bu to 408.75c;
- Soybeans November contract up 9.75c/bu to 1064c;
- Winnipeg canola November up C$4.90/t to $538;
- MATIF rapeseed November contract up €2/t to €391;
- Brent crude November contract up US$0.58 per barrel to $43.20;
- Dow Jones index up 113 points to 28,308;
- AUD weaker at $0.7049;
- CAD weaker at $1.3128;
- EUR weaker at $1.1825.
New export flashes had two new boats of soybeans going to an unknown destination, assumedly China. With US politics in focus with the upcoming elections, figures released the other day highlighted the 40-per-cent share of net farm income attributed to government programs. US domestic basis is seeing some support for both corn and soybeans. Despite the board moves and harvest activity, sales interest is reported to be low across most of the corn belt, and many are holding out amid optimism for a further rally, despite the outlook for rain in South America.Algeria’s OAIC wheat tender closes tomorrow, with still no reason to believe that offers will vary much from the expected EU mix, with possibly some Argentinian tonnage in the mix. Black Sea cash wheat markets have reportedly slowed down this week, with fairly limited selling interest from the farmer as prices stabilise and weather outlooks remain dry. Weather maps remain dry across the Black Sea and eastern EU. European weather models had pushed better chances of rain in yesterday’s runs, but have since backed off sharply, and the Global Forecast System looks exceptionally dry.
Source: Lachstock Consulting