Markets

Daily Market Wire 24 September 2021

Lachstock Consulting, September 24, 2021

All markets continued firmer.

  • Chicago wheat December contract up US12c/bu to 717.75c/bu;
  • Kansas wheat December contract up 14c/bu to 720c/bu;
  • Minneapolis wheat December up 8c/bu to 911.5c/bu;
  • MATIF wheat December contract up €2.50/t to €252/t;
  • Corn December contract up 3.75c/bu to 529.25c/bu;
  • Soybeans November contract up 1.5c/bu to 1284.25c/bu;
  • Winnipeg canola November contract up C$9.50 to $876.90/t;
  • MATIF rapeseed November contract up €8/t to €615/t;
  • US dollar index down 0.3 to 93.1;
  • AUD firmer at US$0.730;
  • CAD firmer at $1.266;
  • EUR firmer at $1.174;
  • ASX wheat January 2022 up $3/t to $338/t;
  • ASX wheat January 2023 up $7/t to $352.50/t.

International

Green across the wheat complex again last night as the bounce back continues to be bid up – Chicago closing +12¢, KC +14¢, Minny +8¢, and Matif +2.5€ on the earlier close.  Corn gained three and three quarters while beans gained a cent and a half (Matif +8€, Winnipeg +$9.5).  Crude oil was up another buck to $73.3 WTi / $77.3 Brent and the DOW jumped 506 points.

Chinese real estate group Evergrande reportedly defaulted on an overseas bond payment, after having made a local one the other day, fuelling ongoing uncertainty.

Export sales figures were reasonable.  Wheat export sales were 0.35 million tonnes (Mt), beans 0.9Mt, corn 0.4Mt and milo/sorghum had two new crop boats sold to China.

A new season corn sales flash 0.138Mt to Guatemala was reported.

Algeria’s OAIC durum tender reportedly saw them book up to half a million tonnes of mostly Mexican durum – as always results are unofficial as they do not publicly release the information.

There’s starting to be a rain system added to the western Corn Belt forecast for early October in the latest model runs bringing chances of 2-3″ across Kansas/Nebraska/South Dakota and the western edge of Iowa and Missouri.

Harvest continues to rip along there, with good weather in the meantime.

Though agricultural markets are quiet, starting to look forward more aggressively to next week’s USDA stocks report on 30 September 2021 and the annual US small grains report on the same day.

Australia

Markets were slightly firmer yesterday, tracking the global moves with little news on the domestic side in quiet trade. A few new farmer sales are trickling out but most looking forward to harvest.

Canola is pushing to new highs with the global rally.

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