US futures markets were closed for the Thanksgiving holiday. European and Canadian markets moved little.
- Chicago wheat March contract not quoted;
- Kansas wheat March contract not quoted;
- Minneapolis wheat March contract not quoted;
- MATIF wheat March contract up €0.75/t to €210.25;
- Corn March contract not quoted;
- Soybeans January contract not quoted;
- Winnipeg canola January contract down C$1.50/t to $577.40/t;
- MATIF rapeseed February contract down €2.50 to €410.25;
- Brent crude January down US$0.81 per barrel to $47.80;
- Dow Jones index not quoted;
- AUD unchanged at $0.736;
- CAD weaker to $1.302;
- EUR unchanged at $1.191.
- With the US boards shut down and many out of the office, it was a quiet night globally. Egypt’s GASC tender saw three boats of Russian bought at ~US$275/t C&F (including GASC costings, a bit under ten bucks implied). There was one French offer in the mix, about ten dollars out of the money – pretty much as expected with the recent weakness in Black Sea markets.
- Australian harvest continues to push along with impressive wheat yields coming across the east coast.
- Local markets were off $3-4/t yesterday on wheat after the global break, with canola and barley seeing limited change.
- NSW receival sites are continuing to fill up quickly with the large volumes coming in and the focus is shifting more towards the export program execution.
- Aussie wheat remains competitive into ASEAN homes, despite the recent (small) weakness in the Black Sea region markets, and it’s mostly a question of how capacity flows will work.
- Weather maps remain mild through the next week, and should see a good share of harvest finish up.
Source: Lachstock Consulting
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