Monday’s grains and oilseeds futures settled 1pc to 2pc lower.
- Chicago wheat December contract down US8c/bu to 700.75c/bu;
- Kansas wheat December contract down 13c/bu to 700c/bu;
- Minneapolis wheat December down 6.5c/bu to 894c/bu;
- MATIF wheat December contract down €2/t to €245.75/t;
- Corn December contract down 5.5c/bu to 521.75c/bu;
- Soybeans November contract down 21.5c/bu to 1262.5c/bu;
- Winnipeg canola November contract down C$12.60 to $861.10/t;
- MATIF rapeseed November contract down €1.50/t to €599.25/t;
- US dollar index unchanged at 93.2;
- AUD unchanged at US$0.726;
- CAD weaker at $1.282;
- EUR unchanged at $1.173;
- ASX wheat September contract has expired;
- ASX wheat January 2022 down $5/t to $337/t.
US row crop harvest continues to pick up pace. USDA pegged corn harvest at 10 per cent (pc) complete, soybeans 6pc and sorghum/milo 25pc harvested.
Yield reports from harvested fields remain variable, with talk ranging from “pleasantly surprising” to “horrendous”. As harvest advances the market will coalesce around the results but, in the meantime, regional variances remain significant
Weather forecasts predict more moisture for the eastern Corn Belt, but remain dry across the western Corn Belt for the coming week.
Ukrainian corn harvest is also underway, though slow field work is being reported with some wet fields and limited activity to date.
Regular US weekly export inspections figures had corn at 403,000t, wheat 563,000t and beans at 274,000t. Damage caused by Hurricane Ida has reduced recent loadings, but figures should increase in coming weeks.
Saudi Arabia’s SAGO announced completion of new storage at the Red Sea port of Yanbu which will increasing wheat storage capacity.
We’re now a week and a half away from the USDA’s next “large” reports, the stocks report and small grains summary, both due on the 30 September, US time.
Local markets continued to follow the global board up and many are watching the weather maps for the next rain event with some of the crops in SA/Vic starting to show more stress.
Source: Lachstock Consulting