US markets were closed for a public holiday, Europe traded fractionally lower
- Matif wheat was down €0.75 to€203.75,
- Matif canola down -€0.5 to €374.5.
- corn was closed
- soybeans was closed
- Winnipeg canola was closed
- The Dow Jones down -22.09 to 25964.82 ,
- Crude Oil up 0.29c to 70.09c,
- AUD down to 0.7209c,
- CAD up to 1.30948c, (AUDCAD 0.94403)
- EUR up to 1.16164c (AUDEUR 0.6205).
With US markets closed for the Labor Day holiday we can expect a somewhat volatile next session. This comes in anticipation of next week’s USDA report with major focuses on corn yields as well as weather concerns in Canada and Australia.
Australia’s eight-day forecast remains relatively consistent with South Australia and Western Australia expecting no more than 10mm in cropping areas. Crops throughout SA and WA continue to soldier on with majority of crops looking strong; they will comfortably produce over half of our Aussie wheat crop. Victoria’s Western Districts remain positive, though conditions falling away as we head north. Yields in the Wimmera are as good as capped with very little upside to come regardless of forecasts. The Mallee can only go south with many crops already set not to see the header. The story in NSW remains the same with little hope on the horizon. The eastern half of NSW can expect up to 15mm over the next eight days, although this will have little to no bearing on our current crop.
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