Mixed for grains, lower for oilseeds.
- CBOT wheat up 1.75c to 429.75c,
- Kansas wheat up 0.75c to 426.25c,
- Corn down -2.25c to 348.75c,
- Soybean down -4c to 937.25c,
- Winnipeg Canola down -2.39$C to 505.5$C,
- Matif canola down -2.5€ to 366.75€.
- The Dow Jones up 56.96 to 21865.37,
- Crude Oil down -0.14c to 46.43c,
- AUD up to 0.795c,
- CAD down to 1.251c, (AUDCAD 0.995)
- EUR down to 1.197c (AUDEUR 0.663).
Wheat was mixed with SRW and HRW just above unchanged, while spring wheat suffered 4 cent losses in the Dec contract. Implied vol in Dec SRW went out at 20.62 per cent (pc). All three contracts forged new lows, before buying was uncovered during the day session. A weaker USD is helping to keep US wheat competitive, which is preventing heavy selling for the moment. The Ruble closed back down through the key resistance it broke in the last two sessions and Russian cash prices responded accordingly. GASC bought 295,000t wheat from Russia and the Ukraine at levels between US$186-$187 free on board (FOB). Nearby values have since been quoted lower, likely on the back of the currency weakness.
Canola lower in a more active, higher-volume session. Weakness in the oilseed complex and better than expected early yield reports from Manitoba were the drivers. The increased volume could be attributed to more confidence in the final crop figure based on the early yields, or, position squaring ahead of the Statistics Canada report out Thursday.
Source: Lachstock Consulting