- CBOT Wheat May contract was up 1.75c to 466.5
- Kansas wheat May contract up 3c to 447c
- Corn May contract up 4.75c to 376.25
- Soybeans May contract up 4.5c to 910.5c
- Winnipeg canola May contract was up C$3.50 to C$468.20
- MATIF rapeseed May contract up €1/t to €359.50
- Dow Jones up 216.84 points to 25,962.51
- Crude oil May contract down $0.25 to 59.98
- AUD down to 0.71c,
- CAD down to 1.338,
- EUR down to 1.135.
Commentary on markets
Wheat’s rally yesterday failed to hold traction through the overnight, selling off into the open before picking up slightly mid-session to close up 1 3/4¢ on Chicago (466.5¢) and 3¢ on KC (447¢). Minny saw some profit taking after the run up in both basis and the board, easing a quarter of a cent to 517 1/4¢ while Matif was unchanged in the earlier close at 189€. Corn picked up 4 3/4¢ (376 1/4¢) after good export sales (talk was also higher on domestic basis levels today) and ongoing planting concerns, and beans pushed back after disappointing export sales to close +4.5¢ to 910.5¢. Matif rapeseed was up 1€ to 359.5 and Winnipeg canola picked up $3.5 to 468.2. The DOW pushed over 26 thousand briefly overnight (though is now down to just under that level), up 250 points, while crude has given up 30¢ to just under $60 (Brent off 76¢ to $67.9). Global currencies have given back most of yesterday’s gains vs the dollar, with the AUD at 71.0¢, the EUR at $1.135, and the CAD weaker to $1.338.
Riyadh calling for barley
US corn belt remains wet, planting endangered
A reminder that the USDA’s next (potentially) market moving reports are out next Friday with the release of Prospective Plantings for spring crops. Expanded flood forecasts across the northern and central corn belt are continuing to concern traders though, with many starting to discount total acreage figures below what will be reported in the upcoming report as they attempt to estimate prevented planting acres.
Weather models have pushed back a bit of rain onto the maps for southern Queensland off the edge of Cyclone Trevor – but still nothing to be seen further south. Lachstock does note that a coalition of grain industry groups has put out a joint statement regarding the Chinese barley anti-dumping investigations and the ongoing risks there. This is something which Lachstock has been following closely for several months now, and are happy to discuss with any clients who are concerned about the situation.
Source: Lachstock Consulting