Grains futures were mostly higher overnight, oilseeds mostly lower.
- Chicago wheat December contract up 3.75 cents per bushel to 471.75c;
- Kansas wheat December contract up 3.75c to 404.25c;
- Minneapolis wheat December contract down 1.5c to 513.5c;
- MATIF wheat December contract up €0.5 per tonne to €170.5;
- Corn December contract up 0.75c to 371c;
- Soybeans November contract down 4.25c to 868.75c;
- Winnipeg canola November contract unchanged at C$453.10;
- MATIF rapeseed November contract down €1.75 at €379.25;
- Brent crude October contract down $0.38 per barrel to $59.92
- Dow Jones up 49.51 to 26252.24;
- AUD weakened to US$0.6758
- CAD weakened to $1.3296
- EUR weakened to $1.1082
In the wheat pits Chicago settled up 3.75 usc/bu closing at 471.75usc/bu, Kansas was 3.75 usc/bu higher to settle at 404.25usc/bu, while Minni softened -1.5 usc/bu to go out at 513.5usc/bu. Corn gained 0.75 usc/bu to go out at 371usc/bu while Beans were down -4.25 usc/bu to settle at 868.75usc/bu WCE Canola closing at 453.1CAD/mt with Matif Canola finishing lower by -1.75 Eur/mt. In outside markets the Dow Jones up, Crude was down, the Aussie was -0.0024 lower to settle at 0.67552, the CAD rallied 0.0013 while the EUR fell -0.0005
US futures markets managed to find some support, albeit trading off the highs of the day into the close. It’s a hard one to write about at the moment with little to no fresh news in the market. The US ProFarmer tour continues with scout reports (i.e. not the official ProFarmer data) nothing short of mixed. The constant has been the lateness of the crop – both corn and beans which undoubtedly makes estimating yield difficult. For these late crops the scouts have assumed the next 5 weeks will be normal weather – if the last few weeks are anything to go by this seems a fair assumption with the wider belt receiving great weather. However, even with some favourable assumptions it would seem soybeans have an uphill battle to make US projections. Low pod counts on a late planted bean crop have historically created issues with the plant achieving optimal yield.
Closer to home, the forecast still remains dry for the next 12-14 days across the east coast and mainly where the crop holds on in SNSW this will see us creep into the early September window where crops will be needing a drink and kind temps. WA looks to be forecast a drink which will continue to shape the crop and after a slow start. Barley markets were off $3-4/mt across the board. Wheat a touch softer as we price closer to Southeast Asian markets ex WA SA origin. Canola firming a fraction in the West this week putting values $617/t FIS up $2-3/t from start of the week. The next 2-3 weeks becomes crucial for some of these crops and producers weighing up options on hay.
Source: Lachstock Consulting
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