Markets

Daily Market Wire 4 November 2020

Lachstock Consulting, November 4, 2020

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.

 

Grain Central: Get our free daily cropping news straight to your inbox – Click here

HAVE YOUR SAY

Your email address will not be published.

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.

Comments

Get Grain Central's news headlines emailed to you -
FREE!