Daily Market Wire 24 April 2019

Lachstock Consulting, April 24, 2019

US wheat futures finished higher; others mostly lower; Tuesday’s settlements as follows.

  • Chicago wheat May contract up 3 to 438.75 cents per bushel and July up 3.25 to 445;
  • Kansas wheat May contract up 2.75c to 414.25 and July up 2.75c to 421;
  • MATIF wheat May contract down €1 to  €182.50
  • Minneapolis wheat May contract up 2c to 511.25
  • Corn May contract down 3.5 to 351.25 and July down 3.25c to 360.25c;
  • Soybeans May contract down 15c to 862 and July down 15.25 to 875.5;
  • Winnipeg canola May contract down C$5.30/t to $437.80
  • MATIF rapeseed May contract up €0.25 to €363.75
  • WTI crude oil June contract up $0.75 per barrel higher to $66.30
  • Dow Jones closed up 145.34 points to 26656.39;
  • AUD down to 0.7097
  • EUR down to $1.1222;
  • CAD down to $1.3433

Market news

Offshore markets were mixed overnight with corn and beans finishing in the red while wheat managed to buck the trend and close higher. May wheat made a high of 477.5c/bu on April 4 and last night printed a low of 433c/bu – this represents a 44.5c/bu down move over the month. Last night CBOT Wheat was up 3c to 438.75c, Kansas wheat was up 2.75c to 414.5c, corn was down -3.5c to 351.25c, soybeans finished -15c to 862c, Winnipeg canola was down CAD$-5.30 to CAD$437.8, and Matif canola up 0.25€ to €363.75. in outside markets, the S&P and Nasdaq closed at record highs overnight as earnings continue to power ahead. The Dow Jones close up 145.34 to 26656.39, Crude Oil was down -0.18c to 66.11bbl, AUD up to 0.70995c, CAD up to 1.34301c, (AUDCAD 0.95336) and the EUR was down to 1.12222c (AUDEUR 0.6323).

Russia grain industry collaborates

There was more talk overnight regarding the Russian governments push to have more control over Agricultural exports. Major grain traders in Russia have agreed to create a new state-controlled exporters association which will be called the Russian Union of Grain Exporters. The scope of the new union will be defined over the next month however, in a statement from the founders they state “Its creation will help to improve the coordination of grain exporters among themselves and with government authorities”. The market impact flowing from more government involvement in the export program is difficult to predict however the world will be sensitive to changes given the reliance on Russia as the volume supplier to the market.

Australia little rain

Locally markets were quiet – a combination of Easter/Anzac day and lack of rainfall. Some showers are forecast throughout SA and Vic but not the soaker most are looking for.


Source: Lachstock Consulting


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