Markets were mixed. Wheat lifted less than 1pc.
- Chicago wheat July contract up US1.25¢/bu to 526¢;
- Kansas wheat July contract up 4.25c to 483.75¢;
- Minneapolis wheat July contract up 5.25c to 514¢;
- MATIF wheat September contract down €1.25 /t to €185.75;
- Corn July contract down 1.25c/bu to 312¢;
- Soybeans July contract down 4.5¢/bu to 832¢;
- Winnipeg canola July contract up $C0.60 to $461.70/t;
- MATIF rapeseed August contract unchanged at €363;
- Brent crude June contract up US$0.47 per barrel to $20.46
- Dow Jones index down 32 points to 24102;
- AUD firmer at $0.6490;
- CAD firmer at $1.400;
- EUR unchanged at $1.083.
Agricultural markets quietened down a little through the Tuesday session, with weak moves on row crops while wheat bounced a little on the poorer crop conditions in Kansas. Chicago ended up a cent and a quarter to 526¢, KC +4 1/4¢ to 483 3/4¢, Minny up five and a quarter to 514¢, and Matif was off a euro twenty five to 185.75€. Corn was off a cent and a quarter to 312¢ and beans were down four and a half to 832¢ (Matif unchanged at 363€, Winnipeg up sixty cents to $461.7). Crude remains weak with both boards off a bit under a half dollar on the mid-summer contracts, WTI June $12.3/Brent $20.5, and the DOW gave up 32 points in a surprisingly quiet session. The AUD’s trading around 64.9¢, the CAD $1.400, and the EUR $1.083.
Announcements from the US government that they plan to require meat processing plants to re-open have raised a few eyebrows in the meat market over the risks, although they reportedly plan to issue “guidance” to minimize the risk. Hog prices were limit up after the announcement and cattle slightly higher.
Corn markets remain in a bit of a weak limbo though, with no change to the dire ethanol situation. Wet weather delayed corn and soybean harvest in Argentina but
will benefit the wheat being planted. The weaker Brazilian currency (BRL) continues to affect export competitiveness.
European wheat weather maps are still looking very good, filling in some of the weaker spots from prior runs – and also doing similar in parts of southern Russia that had previously not had much on the outlook. Crop condition there remain stressed though, and there are questions about the extent of damage already done.
Aussie markets were relatively unchanged for the new crop yesterday. Old crop eastern Australian markets continued to see wide bid/ask spreads. Planting pace remains slightly ahead of schedule for many, and most are running pedal to the floor to get in as much as possible ahead of the coming rain. Rain talk is all the rage at the moment, with limited attention paid to grain sales. ASX wheat for new crop continued to weaken in line with global board moves though, down a fiver yesterday.