US markets were closed on Thanksgiving Day holiday.
- Matif Wheat was up 1.75€ to 204.25€
- Matif corn up €0.75 to €173.75
- Winnipeg canola down C$2.60 to $476.40,
- Matif canola up €0.75 to €370.25
- Dow Jones down -0.950 to 24464.69,
- Crude oil down 1.4pc to US$53.85,
- AUD down 0.1pc to $0.7250,
- CAD up 0.3pc to $0.757,
- EUR up 0.2pc to $1.14.
In wheat news, the latest GASC tender saw two cargoes of US wheat booked with the balance going to Romania and Russia. It’s a positive that US wheat is getting business, but its not getting enough business meaning that we need to see a further narrowing in the spread between Black Sea and US wheats. A softer USD index could support this when the market reopens tomorrow. Matif Wheat was up 1.75€ to 204.25€, Black Sea Wheat was closed and the Ruble was down 0.01% to 0.015.
Canola futures sold off with speculators using the stronger local currency and weakness in crude oil as a catalyst to push things lower in thin trade.
Cash markets in Australia continued to drift higher yesterday with a shortage of grower selling forcing the bid higher. There is a rush on to ship existing barley sales to China ASAP in order to get in front of anti-dumping actions. This has seen a small inverse develop now that grower selling has dried up. Weather wise good rains were noted in NNSW and SQLD with 25-50mm falling, this will support sorghum growth and could lead to some more aggressive selling.
Source: Lachstock Consulting