All red across the board.
- CBOT wheat down-15.5c to 499.25c
- Kansas wheat down -17.5c to 501.75c,
- corn down -1.75c to 346.75c,
- soybeans down -7.25c to 834.75c,,
- Winnipeg canola down $C4.2 to $C492.9.
- Matif canola down -€2.5 to €372/t
- The Dow Jones up 133.36 to 25790.35,
- Crude Oil up 259.29 to 26049.64 per barrel,
- AUD up to 0.7344
- CAD up to 1.29638c, (AUDCAD 0.95211)
- EUR up to 1.16816c (AUDEUR 0.6285).
As rains fall on the east coast of Australia, global wheat markets follow suit. The Chicago Dec18 wheat futures contact is off US90c/bu since its monthly highs and has lost 57c/bu in its last 6 sessions. To suggest that recent rains in Australia have saved the day is a stretch seeing as though numerous crops are beyond repair. The last couple of days can be seen as a temporary lifeline with more rain needed over the next month if any inroads are going to be made. What it does do is provide an opportunity to cash in on sorghum planting opportunities which were looking rather bleak only a week ago.
No significant changes in the world of corn with the yield debate of 175-180bu/ac continuing to fire in the lead up to our next USDA report. Corn fell 1.75c/bu with no real signs of life given the hiding undergone by wheat in last night’s session.
The bean market fell away last night mostly due to the massive Pro Farmer estimate put out at the end of last week. Favourable weather is allowing beans to finish relatively well which will add to the high yields we are already expecting. As has been the case for some time now, the US and China are still some way off in the current trade war.
Domestically, the rainfall on the east coast has softened markets with intended sorghum acres on the rise. Over the next eight days growing areas of NSW, Vic and SA can expect upwards of 15mm with WA a chance to see between 15-25mm.