Markets mostly firmed. US currency weakened.
- Chicago wheat December contract up US0.5cents per bushel to 608c;
- Kansas wheat December contract up 4c/bu to 557c;
- Minneapolis wheat December contract down 3.75c/bu to 552.25c;
- MATIF wheat December contract up €0.25/t to €205.25;
- Corn December contract up 3.5c/bu to 401c;
- Soybeans January contract up 12c/bu to 1064.25c;
- Winnipeg canola January up C$5.60/t to $540.50;
- MATIF rapeseed February contract up €6.25/t to €389.25;
- Brent crude January contract up US$0.74 per barrel to $39.71;
- Dow Jones index up 555 points to 27,480;
- AUD firmer at $0.715;
- CAD firmer at $1.316;
- EUR firmer at $1.171.
International
- US elections are underway, the first results should start trickling through later this morning though there’s still no indication of a clear front runner and the final tally may take time to come through
- Brazilian soybean plantings were pegged at 42pc complete to start the week, with rapid progress noted in recent days
- Chinese restrictions on Australian exports of wine, barley, lobster, and other commodities are making global news with worries about the impact there as the ongoing trade dispute escalates
- Black Sea winter cereals are nearly done with planting. Ukraine planting advanced to some 92pc+ complete in govt figures the other day, but the ongoing weather concerns remain. The weather maps are calling for a fairly widespread 20+ mm event into next week though, boosting some hopes. Scattered precipitation in recent weeks hasn’t hurt
- No flash sales today in the US. There’s been more talk about the bean program to Brazil, thinking that there’s 100,000t or so to go (including the current loading). Though it’s a drop in the bucket compared with other demand it is exciting in an otherwise quiet market
- New crop acreage ideas are being bandied about but the ongoing question is what markets will do into the pre-planting window in spring. Most ideas are trending towards lower spring wheat, lower corn, and higher beans – but it’s all in a state of flux
Australia
- Harvest was delayed through WA in southern regions after wide spread 15-30mm was received through Albany/Esperance zone while on the other side of the country’s east coast perfect conditions prevailed through NSW. Harvest is ramping up there and moving more into the central NSW region
- Cash boards were slightly softer along the east coast on wheat and barley as headers roll and grain deliveries hit the bins
- Contract bids and trade markets were also softer by $4-5/t on wheat. Canola had another down day with east coast bids down $5-6/t
- It was Twilight Payment that took out the Melbourne Cup at a nice $27, followed by the favourite Tiger Moth in second place, no winners here at the LSC team.
Source: Lachstock Consulting
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