Overview of futures markets:
Mixed for grains and oilseeds.
- CBOT Wheat was up 5.25c to 441.25c,
- Kansas wheat up 5.5c to 457.75c,
- corn up 1.75c to 371c,
- soybeans down -3.5c to 1022.75c,
- Winnipeg canola up 1.59$C to 518.3$C,
- Matif canola down -2.25€ to 416.25€.
- The Dow Jones up 32.59 to 20775.6,
- Crude Oil down -0.390c to 53.94c,
- AUD up to 0.7702c,
- CAD up to 1.315c, (AUDCAD 1.013)
- EUR up to 1.055c (AUDEUR 0.729).
Soybeans and canola
Wheat stronger as grower intentions suggest lower spring wheat acres, which combined with winter wheat planting forecasts, suggest a significant drop in new season production. In addition to this a cold temperature snap for HRW areas looks probable and also contributed to buying. Egypt purchased 360,000t from Russia and the Ukraine which combined with recent Middle Eastern and African demand suggests reasonable demand at current levels.
AUD is over 77 cents again which will restrict local pricing. From a weather perspective there is nothing major in the nearby forecast.
Source: Lachstock Consulting