Daily Market Wire 3 September 2019

Lachstock Consulting, September 3, 2019
US markets were shut, Canadian canola future settled unchanged, EU markets lower.
  • MATIF wheat December contract down €1.25 per tonne to €166.75;
  • Winnipeg canola November contract unchanged at C$448;
  • MATIF rapeseed November contract down €0.25 at €381.25;
  • Brent crude November contract down $0.59 per barrel to $58.66
  • AUD unchanged at US$0.6726
  • CAD weakened to $1.3325
  • EUR weakened to $1.0995

A quiet night with US markets closed for the Labor Day long weekend. Matif canola was down EUR$0.25 while WCE canola settled unchanged.  FX was all close to unchanged.

Domestically, markets continue to strengthen on the back of forecast throughout the east coast seeing values firm by $2-3/t on new crop. The Eastern Australia wheat ASX contract traded at $348 yesterday. Old crop canola has sparked some interest in Vic with some export business being booked and buyers looking to cover at values around $570-575/t track. New crop canola also continues to strengthen on the back of NSW production to be up $10-12/t week-on-week. The BOM 8-day forecast showing 5-10mm for SA and 10-15mm Vic, WA recent rainfall event has rejuvenated the crop in some form to hold on. Like every other year the risk around frost remains relatively high given the upcoming forecast.


Source: Lachstock Consulting


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