Thursday’s futures markets traded lower.
- Chicago wheat December contract down US8c/bu to 741.25c/bu;
- Kansas wheat December contract down 12c/bu to 747.75c/bu;
- Minneapolis wheat December down 4.5c/bu to 985.25c/bu;
- MATIF wheat December contract down €1.75/t to €276.50/t;
- Corn December contract down 7c/bu to 532.25c/bu;
- Soybeans November contract down 21.5c/bu to 1224c/bu;
- Winnipeg canola November contract down C$11.90 to $937.40/t;
- MATIF rapeseed November contract down €12/t to €686.25/t;
- US dollar index was up 0.2 to 93.8;
- AUD weaker at US$0.746;
- CAD weaker at $1.236;
- EUR weaker at $1.162;
- ASX wheat January 2022 down A$4/t to $338/t;
- ASX wheat January 2023 up A$2/t to $360/t.
International
In choppy mid-week trade, markets broke last night, giving up most of the early-week gains as sell pressure hit. The US weekly export sales reported a solid result for soybeans, at 2.9 million tonnes (Mt) of which 1.9Mt was for destination China and 0.5Mt unknown (not yet declared) destinations. Weekly wheat export sales were 0.36Mt, corn 1.3Mt and milo 0.26Mt of which 0.23Mt was to China/Unknown.
A new export sales flash had 0.13Mt corn business booked to Mexico.
Harvest is continuing for US row crops and expanding in Australia. The speculator markets are settling in to look for the next story on which to trade.
US weather maps are set to bring harvest to a brief stop. They still are forecasting 3″+ of rain across the eastern Corn Belt into next week.
Weather maps remain solid for the Brazilian soybean belt with a steady 1-2″ forecast across the short term runs.
Black Sea dryness starting to finally attract some renewed concerns as markets note that the weather maps have next to nothing on the forecast into November, and the latest runs are skewing even drier. Reports of poor germination in the driest areas starting to do the rounds. It is hard to kill a wheat crop at this point – but the perpetual concerns about poor establishment into winter are building with this pattern happening for the second year in a row.
Australia
After opening unchanged, wheat and barley bids drifted lower as grower selling increased and harvest has started to get a good run in the north. All markets felt very heavy by the day end.
ASX east coast WM wheat drifted lower by A$4/t while the barley contract settled a buck stronger at $266/t.
Weather maps still holding very dry into early November, easing some concerns about harvest quality loss.
Source: Lachstock Consulting
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