Grains and oilseeds mostly closed lower over the Easter period; Thursday’s and Friday’s settlements as follows.
- Chicago wheat May contract Thursday down 2.75 to 444.5 cents per bushel and Monday down 8.5 to 435.75c;
- Kansas wheat May contract Thursday down 0.5 to 420 and Monday down 8.25 to 411.75c;
- MATIF wheat May contract Thursday down €1.50 to €183.50, closed Mon.
- Minneapolis wheat May contract Thursday down 4 to 523.25 and Monday down 14c to 509.25
- Corn May contract Thursday up 0.25 to 358.5 and Monday down 3.75c to 358.75c;
- Soybeans May contract Thursday up 1.5 to 880.5 and Monday down 3.5c to 877c;
- Winnipeg canola May contract Thursday down C$2.10/t to $449.10 and Monday down C$6/t to $443.10
- MATIF rapeseed May contract Thursday up €2 to €363.50, closed Monday
- WTI crude oil May contract over the two trading days was up US$1.94 per barrel to $65.70. Today we switch to reporting the June contract month because it now has the majority of trading volume and open interest. June on Thursday traded $0.20 per barrel higher to settle $64.07 and Monday traded $1.48 higher to $65.55 .
- Dow Jones Thursday closed up 100 points at 26559.54 and Monday closed down 48.49 points to 26511.05;
- AUD down to 0.7136c,
- EUR down to $1.12595;
- CAD down to $1.335.
US planting slow
Australia little rain
Domestically we have a bitter sweet start to the week from a moisture perspective – a big part of the Riverina got over an inch and more on the way for north/western Darling Downs and the far western NSW belt. However, with little to no rain forecast from Geraldton to Bendigo and a large part of NSW its hard to get overly excited. There is no question that growers are going hard on dry sowing which makes production estimates extremely difficult. Canola acres will certainly be impacted but it’s far too early to cut meaningful acres out of cereal balance sheets and arguably too early to shift from wheat into barley.
Source: Lachstock Consulting