Markets

Daily Market Wire 3 September 2021

Lachstock Consulting, September 3, 2021

Rapeseed in Europe firmed 2pc. All North American markets firmed slightly.

  • Chicago wheat December contract up US2.75c/bu to 717c/bu;
  • Kansas wheat December contract up 5c/bu to 709;
  • Minneapolis wheat December contract up 0.75c/bu to 899.5c;
  • MATIF wheat December contract up €1.50/t to €244.25/t;
  • Corn December contract was up 2.75c/bu to 525.5c;
  • Soybeans November contract up 5.5c/bu to 1283.25c;
  • Winnipeg canola November contract was up C$1.70 to $892.50;
  • MATIF rapeseed November contract up €10/t to €574.25/t;
  • US dollar index down 0.3 to 92.2;
  • AUD firmer at US$0.740;
  • CAD firmer at $1.255;
  • EUR firmer at $1.188;
  • ASX wheat September contract down A$17/t to $342/t;
  • ASX wheat January 2022 down $7/t to $339/t.

International

Mixed and quieter grain markets saw later session firmness eke out minor gains across the grains sector.  Chicago closed +2 3/4¢, KC +5¢, Minny +3/4¢, and Matif +1.5€ on the earlier close.  Row crops had corn back up 2 3/4¢ and beans +5.5¢ (Matif up ten euros, Winnipeg +$1.7).  Crude oil was up a buck fifty after the tighter stocks to $69.8 WTI / $73 Brent and the down gained 131 points.  The AUD is up nearly half a cent to 74.0¢, the CAD $1.255, and the EUR $1.187 as the dxy hits 92.2.

US boards will be closed for the night session on Sunday and Monday there, reopening on the Monday night session, Tuesday Aussie daytime.

Markets are seeing quieter moves as the trade starts to look forward to the long weekend. Chicago markets will be closed on Monday in the US with the holiday there.

We’re also heading into the Sept WASDE report out next Friday, late Friday night Australian  time. There will be only four trading days next week then a WASDE!  Many private yield estimates for corn and beans have been gradually pushing slightly higher in the last few weeks, but there are still plenty of diverging ideas about how realistic the USDA’s figures are.

Export sales had 0.3Mt wheat, 1.1Mt new crop corn (albeit 300,000t of old crop cancellations), and 2.1Mt new crop bean sales of which one and a quarter were to China.

We also saw another flash export sale – two boats of new crop beans to China.

Solid Argentine rains the other day brought one to two inches across much of their wheat area and made headlines with the relief to the growing crop there.

Extended run US weather maps are holding dry across the majority of the US Corn Belt improving outlooks for early harvest as crops mature.

Australia

Local trade saw mostly domestic short-term old crop interest and limited new crop movements. Participants continue to evaluate crop ideas and watch recent weather.

Extended run weather maps forecast dry weather across the country into mid-Sept in one of the driest model runs we’ve seen in quite a while.

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