Markets

Daily Market Wire 23 October 2020

Lachstock Consulting, October 23, 2020

Wheat futures settled lower by at least one per cent.

  • Chicago wheat December contract down US7 cents per bushel to 622.75c;
  • Kansas wheat December contract down 9.5c/bu to 560.25c;
  • Minneapolis wheat December contract down 8c/bu to 574.5c;
  • MATIF wheat December contract down €2.25/t to €209;
  • Corn December contract up 2.5c/bu to 416.25c;
  • Soybeans November contract up 1.75c/bu to 1073.75c;
  • Winnipeg canola January down C$1.90/t to $546.90;
  • MATIF rapeseed February contract down €0.5/t to €397.50;
  • Brent crude December contract up US$0.73 per barrel to $42.46;
  • Dow Jones index up 153 points to 28,364;
  • AUD firmer at $0.713;
  • CAD firmer at $1.313;
  • EUR weaker at $1.182.

 

International

  • Deferred weather maps for southern Russia have improved slightly, with chances of a storm bringing light rains into later next week.  No rain is likely in the short term though and, based on current models, there’s little in the way of absolute moisture forecast off the new event.
  • South American forecasts are still bringing rains into northern bean areas, but most of the southern soybean belt remains dry for the extended outlook.
  • Storms across the US northern and eastern corn belt in the midwest have brought harvest to a stop for row crops. There were fresh reports of local basis spikes with ongoing slow farmer sales interest despite the weak carries.
  • Algerian tender results saw 720,000t bought at prices around $275-76/t C&F.  Most of this should be Baltic/German, though it traded optional origin so it’s subject to adjustments as markets move.
  • Egypt’s GASC is finally back in the market today, as always following a market sell off. It is tendering for mid-December positions.
  • US weekly export sales figures were released. Wheat was 367,000t, corn 1.8 million tonnes (Mt) and beans at 2.2Mt.  Corn sales were slightly better than expected, but beans and corn were largely within expected ranges.  There was also 280,000t of sorghum sold, 196,000t to China and the balance to “unknown”, probably China.
  • New flashes saw 152,000t of beans to Mexico, 132,000t of beans to unknown and 130,000t of white wheat to Korea.

Australia

  • Wheat values were a fraction softer across the board, with east coast bids back $2-3/t along the east coast
  • Wheat quality in the northern harvest remains good with high protein still hitting the bins, but the forecast weather event is creating uncertainty.
  • Canola markets firmed along the east coast with track values around $615/t range
  • Rain activity through the northern harvest areas is still hit and miss

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Source: Lachstock Consulting

 

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