Mixed for grains and lower for oilseeds.
- CBOT wheat up 6.75c to 514c,
- Kansas wheat up 3.75c to 489.75c,
- Spring wheat up 0.75c to 572c,
- CBOT corn down 2.5c to 368c,
- Matif corn down €0.25 to €173.75,
- Soybeans down 18.75c to 862.25c,
- Winnipeg canola down $C4.30 to $471.80,
- Matif canola down €3.25 to €366.75,
- Dow Jones up 331.7 to 24617.65,
- Crude oil was up 2.38 per cent to US$51.62,
- AUD down to $0.722,
- CAD up to $0.755,
- EUR down to $1.133.
Wheat rallied on tensions between Russia and Ukraine which have threatened export potential as Russian military boats block the Kerch Strait. It was difficult to encourage new sellers in US futures, given that the market is very close to 10-month lows. The US is pricing some export business, and the last time the Ukraine and Russia had an issue was in 2014, when the market rallied 150 cents. Matif Wheat was unchanged at €202.5 per tonne, Black Sea wheat was up $1.75/t to $247.25/t, and the ruble was down 1.48pc to $0.014.
Corn prices retreated following weakness in beans, good moisture for South America, and a depleting technical picture.
Beans were hit hard led by weaker oil, technical selling and decreased optimism for a near-term resolution between China and the US. Soybean meal was down $2.6o/t and soy oil fell 0.65 points. The Commitment of Traders Report (COT) was delayed due to last week’s Thanksgiving holiday, and showed beans down 3000 for the week at -60,000 contracts.
Aussie prices have stabilised for now, with grower selling evaporating on some harvest delays and recent price weakness. Forecasts point to 15-20 millimetres of rain m for central New South Wales but otherwise, the country looks bare. China’s influence on barley and sorghum has gone quiet in the past two days, so the market is either comfortable with the current state, or waiting for further direction.
Source: Lachstock Consulting