Corn and French rapeseed firmed 1pc. Other markets saw mixed small moves.
- Chicago wheat December contract down US1.5c/bu to 722.25c/bu;
- Kansas wheat December contract up 1c/bu to 720.75c/bu;
- Minneapolis wheat December up 5.5c/bu to 921.5c/bu;
- MATIF wheat December contract unchanged at €253.25/t;
- Corn December contract up 12.75c/bu to 539.5c/bu;
- Soybeans November contract up 2.5c/bu to 1287.5c/bu;
- Winnipeg canola November contract down C$4.30 to $883.60/t;
- MATIF rapeseed November contract up €6/t to €625.50/t;
- US dollar index up 0.2 to 93.5;
- AUD unchanged at US$0.727;
- CAD firmer at $1.263;
- EUR weaker at $1.169;
- ASX wheat January 2022 up $5/t to $344/t;
- ASX wheat January 2023 down $1/t to $351/t.
Quiet trade for the start of the week in the US – Chicago ending down a penny and a half, KC up a penny, Minny +5.5¢. Corn jumped 12 3/4¢ and beans were up 2.5¢ (Matif +6€, Winnipeg -$4.3). Crude oil has jumped a buck fifty to $75.5 WTI / $79.5 Brent and the DOW gained 71 points.
Three days away from the 30 September stocks report and the annual small grains reports being released markets, albeit with some choppiness on limited volume, are still looking to be very quiet.
Reuters surveyed guesses for this week’s reports. The average of wheat numbers was 1.68 billion bushels (bbu), slightly below the USDA’s last update and reflecting a lower spring wheat idea. Stocks ideas were 1.15bbu corn and 175 million bushels beans, both about WASDE level. The only real unknown there is the feed/residual value.
US weekly crop progress figures have corn 18 per cent (pc) harvested, beans 16pc and sorghum/milo 31pc. US row crop yields remain mixed. There are more disappointing results from drought stressed areas but few are any real surprise. General sentiment appears to be starting to swing back towards a lower corn yield, but that can change quickly as more fields come off.
Wheat weekly export inspections were 0.3Mt, beans 0.4Mt, corn 0.5Mt and two milo boats were shipped to China.
An export sales flash had 0.334Mt beans sold to China.
Dry weather in the Black Sea has been helping winter wheat planting and corn harvest push along. Next to no rain is forecast even on the 2-week model runs.
Trade was quiet yesterday in Australian cereals. Domestic buying interest was limited amid global markets only slightly firmer. Canola continued to new highs and attracted some grower selling. All eyes are on the east coast storm system appearing on weather maps.
Source: Lachstock Consulting
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