- Chicago wheat December contract down 8.75c to 523.5c;
- Kansas wheat December contract down 8.25c to 425.5c;
- Minneapolis wheat December contract down 6.75c to 537.75c;
- MATIF wheat December contract down €0.50 to €180.75;
- Corn December contract down 3.75c to 387.25c;
- Soybeans November contract down 0.75c to 933.25c;
- Winnipeg canola November contract down C$2.30 to $451.40; and
- Winnipeg canola January contract down C$1.80 to $460
- MATIF rapeseed February contract down €2.75 to €376; November was down also by €2.75 closing at 375; our reporting will now transition to the February contract.
- Brent crude December contract down 46c to $58.96;
- Dow Jones index up 57.44 points to 26827.64 points;
- AUD strengthened to US$0.6870;
- CAD strengthened to $1.3088;
- EUR weakened to $1.1151;
In the wheat pits, Chicago was down -8.75c to 523.5c, Kansas wheat down -8.25c to 425.5c. Corn down -3.75c to 387.25c, soybeans down -0.75c to 933.25c, Winnipeg canola up $C to $C, and Matif canola down -2.75€ to 375€. The Dow Jones up 57.43 to 26827.64 , Crude Oil up 0.079c to 53.39c, AUD down to 0.6864c, CAD down to 1.30c, (AUDCAD 0.898) and the was EUR down to 1.11c (AUDEUR 0.6156).
Market news
Wheat markets ran out of steam and settled lower while Russian cash market was boring and had no real movement.
In Saudi, 605,000t of wheat was purchased at an average price of US$242.51/t candf, up approx $25/t from last purchase back in early September.
Production risk for southern hemisphere still remains highly talked about, light showers through western areas but much more is needed throughout the whole of Argentina crop.
Aussie crops forecast continue to ratchet lower with two of the Aussie banks’ research teams publishing wheat crop estimates below 16 million tonnes.
Feels like the corn market is holding out to see what next WASDE report puts out and we are still a while off seeing that come to the market.
President Donald Trump has said that talks on an initial trade deal are advancing with an agreement being signed at next month’s meeting which is scheduled to be held in Chile. Trump stated at a cabinet meeting on Monday that they have started buying US Agriculture products as which coincides with a part deal they had agreed upon.
Australia
Aussie temperatures are starting to warm up through South Australia pushing up into the 30s, very little rain on the forecast and will now see crops finish off on what soil moisture is available and the guts of harvest kicks into gear.
Wheat over on the SA west coast has started hitting the Viterra silos with quality results coming in on the higher protein level which is to be expected given the season.
Headers continue to roll in NSW with some quality issues on barley with high screenings.
GIWA is expected to release their latest Western Australian crop estimate this week and talks of a reduction to the wheat crop.
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