Canola bounced from Thursday’s lows. Most other futures were lower on Friday.
- Chicago wheat December contract down US5.5 cents per bushel to 544.25c;
- Kansas wheat December contract down 7.75c/bu to 475.25c;
- Minneapolis wheat December contract down 5c at 529.75c;
- MATIF wheat December contract unchanged at €192.25;
- Corn December contract up 1.75c/bu to 365.25c;
- Soybeans November contract up 2.5c/bu to 1002.5c;
- Winnipeg canola November up C$7.30/t to $518.30;
- MATIF rapeseed November contract up €3.75/t to €384.50;
- Brent crude November contract down US$0.02 per barrel to $41.92;
- Dow Jones index up 359 points to 27,174;
- AUD weaker at $0.704;
- CAD weaker at $1.338;
- EUR weaker at $1.163.
New-crop markets remained relatively unchanged on Friday, with ASX contracts settling $2/t higher from Thursday. Limited volume from the grower and trade continues to find its way to market, and it feels the market hasn’t seen a huge wave of selling yet as we lead into harvest. Harvest in Queensland continues to come off the header in small volume, and parts of the border regions of Queensland and New South Wales will look to fire up within the next 15-20 days.
Weekly rainfall totals were good for a large part of South Australian, Victorian and southern NSW cropping areas. In WA, light scattered showers delivered up to 10 millimetres of rain to keep the crop going, but the state’s northern regions are in desperate need of a good drink.
The Bureau of Meteorology’s eight-day forecast remains positive for South Australia and Victoria again, which is perfect timing for crops, but not so good for growers who are now cutting, baling and selling hay.
Source: Lachstock Consulting