Markets firmed last night in the US, hurricane worries and new sales business all helping. Chicago wheat ended up seven and three quarters to 535.5¢, KC +9 1/4¢ to 455.5¢, Minny +10 1/4¢ to 530 /4¢, and Matif up a euro seventy five on the earlier close.  Corn was up 9.5¢ and beans +14.5¢ (with rapeseed up 1.5€ on Matif, +$1.7 Winnipeg).  Crude oil markets are up three quarters to $43.4 WTI / $45.8 Brent and the DOW was off 60 points.  The dollar is nominally weaker to 93 points with the AUD at 71.9, the CAD $1.316, and the EUR $1.184.

Egypt volume

GASC tender results saw a wide range of mostly Russian offers and a few Ukrainian. It was reported that nine boats were booked, the biggest single tender result in a good while.  All were Russian and there was some relatively significant discounts negotiated through which dearer initial offers were lowered towards the cheaper purchase prices GASC had achieved around $277-78/t cost and freight.

Hurricane approach

Markets have been watching the two tropical storms moving towards the US Gulf – Laura is now officially a hurricane with the latest weather runs calling for it to hit land along the north east Texas, west Louisiana coast.  Evacuations are in place for some areas, and watching for logistical delays as the storm moves into the Mississippi Valley.  Trains are reportedly already redirected in many cases, and barges looking for tie ups.

New US export sales flashes saw 408,000t of corn and 204,000t of beans to China, plus 100,000t of corn to Japan and 143,000t of beans to unknown destination.  Rumours about more Chinese corn sales today are also circulating, and speculation about bean business prior to the new season Brazilian harvest has markets discussing a wide range of numbers there.

Brazil’s agricultural statistics agency, CONAB, pegged beans at 133.5 million tonnes (Mt) for 20/21 and corn at 112.9Mt, both substantial increases on the prior year.

Cotton markets eased last night, although still up so far this week after the early rally, indicating worries about the hurricane are widespread.

Australia

No major frost events overnight were reported for SA and Vic and, while there were some low temps in NSW, there was nothing of significance to the broader crop.

Drier extended weather forecasts remain on the maps, although there is a chance of lighter precipitation building out towards the end of the two-week window.

Old crop markets continued to weaken in the south, with domestic bids sparse and more offers trickling out.

New crop canola was up another ~$3/t yesterday after the board moves.