- Chicago wheat March contract up US12.5 cents per bushel to 629.75c;
- Kansas wheat March contract up 12.75c/bu to 588c;
- Minneapolis wheat March contract up 8.5c/bu to 580c;
- MATIF wheat March contract up €2.50/t to €211.25;
- Corn March contract up 3.75c/bu to 447.25c;
- Soybeans March contract up 10c/bu to 1260c;
- Winnipeg canola March contract down C$7.30/t to $620.80;
- MATIF rapeseed February contract down €0.75/t to €414;
- Brent crude February up US$1.12 per barrel to $51.20;
- Dow Jones index up 114 points to 30,130 points;
- AUD stronger at $0.757;
- CAD stronger at $1.286;
- EUR stronger at $1.218.
Ag markets have quietened down heading into Christmas. US export sales data is due out overnight, a day early on account of the Christmas Day holiday.
China’s COFCO stated in news reports recently that it was expecting China to import 100 million tonnes of soybeans.
South American crop ideas continue to float around, with various estimates about just how much stress has impacted the soybean crops. Most of the worry has shifted heavily to Argentina, although many are hedging their concerns a little after some showers late in the weekend.
The Argentine port and crush strikes continue. A new vote is being held today.
Black Sea weather maps are largely unchanged, and cash markets are quieting down there as they look to the extended holiday window; global markets shut for Christmas/New Year, and holidays for celebration of Orthodox Christmas will follow.
Rain in northern New South Wales came in well above forecasts, with more than 50 millimetres recorded in a large amount of country near Tamworth. More coastal showers are forecast into early next week, but the system has passed cropping areas.
Domestic markets have seen a little support from global moves, but currently it’s all about execution and interior logistics on the east coast.
Source: Lachstock Consulting
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