Vegetable oils lent support to soybeans. Rapeseed and canola futures hiked 2-3 per cent. Grains moved in dribs and drabs.
- Chicago wheat May contract up 0.5c/bu to 670.25;
- Kansas wheat May contract down 3.75c/bu to 647.25;
- Minneapolis wheat May contract down 1.75c/bu to 648;
- MATIF wheat May contract up €0.25/t to €229.50/t;
- Corn May contract up 2c/bu to 552.5;
- Soybeans May contract up 21c/bu to 1408.5;
- Winnipeg canola May contract up C$22.60/t to $775.80;
- MATIF rapeseed May contract up €11/t to €472;
- US dollar index up 0.1 to 90.1
- AUD weaker at $0.791;
- CAD unchanged at $1.259;
- EUR weaker at $1.214;
- ASX wheat May contract up $3/t to 298.50;
- ASX wheat January 2021 contract up $3.50/t to 306.
Updated crop conditions yesterday had Kansas winter wheat rated 40pc good-to-excellent, down 3pc from January. However, it is extremely hard to judge winter kill this close to the event, and prior to emergence from dormancy. Regular weekly US crop-condition reports will be starting again on 5 April, and until then, only a few states report estimates.
This week’s Jordanian new-crop barley tender saw a cargo purchased at US$265/t cost and freight for early September, which looks to be about $5/t up from its previous purchase which was for August loading.
The improved rain forecasts in central Argentina have held on the maps and filled in slightly further, with a fairly widespread 50 millimetres plus event seen in the latest runs.
Black Sea cash markets have seen some quick strength overnight, wheat offers reportedly pulling up $5/t or so from late last week.
Aussie cash markets remained fairly quiet yesterday, with the higher dollar keeping some pressure on grains. A fairly large volume of contracts traded across the ASX, with May futures settling up AU$3/t to $301.50, and with open interest growing.
Weather forecasts have started to add a little moisture for the inland Western Australian wheatbelt as we approach planting, and the Bureau of Meteorology has forecast 10-15 millimetres for much of the WA wheatbelt into next week, and that or more for most of eastern Australia’s summer-cropping areas.
Source: Lachstock Consulting