Canola continues at least 1pc firmer. Corn and European wheats tagged along. US wheat drifted lower.
- Chicago wheat December contract down US7.25c/bu to 752.25c/bu;
- Kansas wheat December contract down 0.5c/bu to 777.25c/bu;
- Minneapolis wheat December down 5.5c/bu to 1021.5c/bu;
- MATIF wheat December contract up €2.75/t to €284.75/t;
- Corn December contract up 5.5c/bu to 543.5c/bu;
- Soybeans November contract up 0.75c/bu to 1238c/bu;
- Winnipeg canola November contract up C$12.60/t to $961.40/t;
- MATIF rapeseed November contract up €7.75/t to €692.75/t;
- US dollar index was up 0.2 to 94;
- AUD firmer at US$0.751;
- CAD weaker at $1.239;
- EUR weaker at $1.160;
- ASX wheat January 2022 down A$3/t to $335/t;
- ASX wheat January 2023 down A$3/t to $355/t.
Markets overall opened in choppy trade last night but quietened by the close.
US row crop harvest confirms market yield ideas. Good yields are being reported where it is not rain delayed but await further confirmation.
New US export sales flashes included 0.199Mt beans to China and 0.126k beans to Mexico.
Ongoing rumours suggest more bean cargoes were being booked from the US again last night which would result in flashes tonight.
Egypt’s GASC is tendering again for wheat for early December shipment.
African Swine Fever has been reported again in Russia, the second such outbreak in the last month.
A private row crop acreage estimate last night had beans area at 90 million acres and corn at 92 million, being roughly 3 million acres switch from corn to beans.
US rainfall maps remaining wet across the Corn Belt with late weekend rains now forecast to push into the 2″ range for much of the western Corn Belt.
Black Sea weather maps continue to slightly improve for mid-November. Better chances of an inch or so along the Volga are set to improve conditions for dry sown crops there.
Extended run weather maps are solidly building up this new east coast storm system for mid November – latest runs upwards of 50 mm across central and northern NSW.
A few more frost concerns/reports coming in from south-eastern areas bringing worries about some damage in later cereals but markets still evaluating the impact.
Source: Lachstock Consulting