US exchanges were shut on Monday. Rapeseed/canola closed about 3pc lower, French wheat 2pc lower.
- Chicago wheat market closed;
- Kansas wheat market closed;
- Minneapolis wheat market closed;
- MATIF wheat September contract down €4.50/t to €200.50/t;
- Corn September market closed;
- Soybeans market closed;
- Winnipeg canola November contract down C$29.50 to $801.40;
- MATIF rapeseed August contract down €14.75/t to €521.75/t;
- US dollar index unchanged at 92.2;
- AUD firmer at US$0.754;
- CAD unchanged at $1.234;
- EUR firmer at $1.187;
- ASX wheat July contract unchanged at $295/t;
- ASX wheat January 2022 down $3.50/t to $304/t.
US agricultural markets will re-open late tonight for the US day session. There will be no night markets today.
USDA next crop production and WASDE reports will publish on 12 July.
Egypt’s GASC bought at tender three Romanian boats about US$270.50/t C&F and one Russian boat about $268/t, which worked through with a discounted freight offer. Next cheapest offers were into the mid $270s, mixed Black Sea origins offers all.
Black Sea harvest is continuing to pick up speed, with plenty of barley flowing and a few more reports of early wheat coming. Pressure is starting to show in cash markets as more offers appear.
Weather maps in the Black Sea region have taken a generalised turn towards warmer and drier across the coming weeks which should help harvest push along.
Brazilian safrinha corn harvest is also pushing along, with estimates there in the 10-15pc completed range over the weekend. Yield/production ideas keep pushing down with more damaged crops from the last few weeks of weather. The question is how low can it go?
Meanwhile, US weather maps have filled in a solid 2″ across Minnesota/northern Iowa and Illinois, boosting chances for row crops that had missed some of the earlier storms.
Similar improvements for parts of southern Canada, with chances of an inch through this week across south/central SK and AB. The question is how much of the wheat can recover at this point in the season after the recent heatwave?
Local markets fairly quiet yesterday with the boards closed overseas.
BOM still calling for a solid rain across most of the WA cropping belt this week – last runs a fairly widespread inch.
Source: Lachstock Consulting