Overnight futures markets
- CBOT wheat up 0.5c to 469.25c,
- Kansas wheat down -4c to 483.75c,
- Corn up 0.5c to 383c,
- Soybean up 1.5c to 1040.5c,
- Winnipeg canola up $C1.2 to $C521,
- Matif canola up €1.5 to €347.5.
- The Dow Jones down -44.96 to 24682.31 ,
- Crude Oil up 1.95c to 65.49c,
- AUD up to 0.77656c,
- CAD down to 1.29c, (AUDCAD 1.00162)
- EUR up to 1.23405c (AUDEUR 0.6291).
Chicago wheat futures hung on for marginal gains. Kansas closed US4c/bu lower as more rain was added to the forecast.
In relation to the possibility of India doubling its import tax (tariff) on wheat to 40 per cent (pc), it is thought to have changed its mind as domestic supplies are relatively tight.
Russian cash markets were slightly lower. The export forecast, at 53 million tonnes (Mt) was bumped substantially from the initial estimate of 47Mt.
Corn futures remained range bound though the price outlook is somewhat positive, with planting conditions below par in many areas with concerns of cold and snow in the US Mid-West.
Daily sales came in at 138,000t. Tomorrow’s weekly export report is expected to reach 1.75Mt, however in order to meet the USDA annual export projection weekly exports would only need to be 513,000t.
The bean market is at loggerheads. Argentine crop ideas remain on the decline, while at the same time there remains a potential threat of futures liquidation.
Tomorrow’s weekly export sales report is expected to come in just over 1Mt, however in order to meet the USDA annual export projection, the weekly would only need to be 275,000t.
Domestically the rainfall forecast keeps chopping and changing. The NSW forecast probability of rain is decreasing, no more than 10mm expected to fall in any cropping regions, while in Victoria’s western district, between 10mm and 20mm is now forecast over the next week.