Spring wheat rebounded a little, but it was the winter wheats’ turn to retrace previous-day gains, both Chicago SRW and Kansas HRW down 2pc. Soybeans also closed 2pc lower, corn 1pc. Canola firmed fractionally.
- Chicago wheat September contract down US18.5c/bu to 692.25c;
- Kansas wheat September contract down 15c/bu to 653.75c;
- Minneapolis wheat September contract up 6.25c/bu to 904c;
- MATIF wheat September contract down €3.75/t to €210/t;
- Corn September contract was down 7.25c/bu to 564.5c;
- Soybeans September contract down 28.75c/bu to 1369c;
- Winnipeg canola November contract was up C$1.40/t to $881.30;
- MATIF rapeseed August contract up €5.25/t to €529/t;
- US dollar index unchanged at 92.8;
- AUD firmer at US$0.738;
- CAD firmer at $1.256;
- EUR weaker at $1.177;
- ASX wheat September contract down $3.70/t to A$314.30/t;
- ASX wheat January 2022 down $3/t to $315/t.
A large board sell-off occurred, most people seeing this as a weather driven near term correction. Moisture outlooks have improved a little across the northern US Corn Belt into early August. Soybean yield hopes are improving slightly, the chance of moisture filling pods.
Regular US export sales had 0.47 million tonnes (Mt) of wheat, 0.05Mt of new crop corn. Old crop corn saw net cancellations. Destination China cancellations were 0.16Mt. Beans export sales were 0.18Mt, new crop. Milo/sorghum also saw a cut back with a cancelled Chinese panamax for old crop.
Hotter weather maps for the eastern EU and Black Sea region gaining some focus with a few concerns building about adverse impacts to corn crops, though it is great weather for wheat/barley harvest. Spring wheat areas in Russia also remain threatened by drought.
Spring wheat and canola crop concerns in the US and Canada still seeing ongoing discussion with the enduring heat wave. Harvest is starting as hot weather brings on early maturity, but no real positive surprises so far on yields.
The North Dakota crop tour will start next week, heading east from Fargo and then looping north from Bismark and back around east and south on the final day.
The Germany farmers’ association DBV predicts winter barley production will increase to 9.3Mt this year with better yields coming off as harvest nears half complete and suggests flood impacts are very minimal in the grand scheme of things.
Local markets were quiet yesterday with bids off a hair on the weaker boards for wheat and barley, but little activity
Canola continuing to track global markets and would be looking to start today back up again slightly, after the overnight board move.
Extended run weather maps still flirting with another storm event for WA.
Source: Lachstock Consulting