Weaker again on Friday’s boards as markets sought a new justification for length but instead found somewhat better ideas about South American rain and Black Sea region wheat supplies.

With Christmas rapidly approaching, a reminder that CBOT markets close early on the 24th and are closed on the 25th.  The ASX will also be closed on the following Monday the 28th for Boxing Day.

• Chicago wheat March contract down US9cents/bushel to 575.5c/bu;
• Kansas wheat March contract down 7c/bu to 542.75c/bu;
• Minneapolis wheat March contract down 3c/bu to 550.5c/bu;
• MATIF wheat March contract down €1.25/t to €202;
• Corn March contract down 6c/bu to 420.5c/bu;
• Soybeans January contract down 5.25c/bu to 1163c/bu;
• Winnipeg canola January contract down C$4/t to $585.10/t;
• MATIF rapeseed February contract up  €1.75 to €409.25;
• Brent crude February up US$0.54 per barrel to $49.25;
• Dow Jones index up 249 points to 30,218;
• AUD weaker at $0.743;
• CAD firmer to $1.278;
• EUR weaker at $1.211.
  

International

• Brexit concerns are once again gaining prominence. Worries emerged, déjà vu, about a no deal termination as the January end date approaches.  Talks are still underway yet, as always, nothing is resolved.
• The next USDA WASDE report is due out this Thursday evening the 10th (mid-day US time).
• Southern Brazil and parts of northern Argentina saw some nice moisture into the weekend, and forecasts are still heavy across soybean growing states, northern Mato Grosso and Goiás.  At the same time, drought stress remains a growing concern there with reports that some scattered fields are already being written off.
• We finally saw another export sales flash from the USDA on Friday… 182,000t of corn to Mexico, nothing coming in of the previously rumoured corn sales to China.
• Black Sea weather maps remain dry across the extended runs, although temperatures are warming up slightly in southern Russia and Ukraine.  As always at this point in the year, winterkill is a going concern – but we won’t have any solid information there until spring, following the crop’s emergence from dormancy
• Warm weather across the northern US/southern Canada has helped keep the Great Lakes nearly ice-free still, and forecasts remain warm into mid-December.  Markets are still generally expecting the Lakes to close some time in mid-Jan though.
• Argentine wheat harvest is approaching half done, with Bolsa (Argentina’s Agricultural Exchange) estimating last week that harvest was 40pc complete and reporting good progress.

Australia

• Cash markets finished the week a mixed bag, and we are still seeing a spread between cash and contract bids.
• Grain bids generally were softer on Friday, while canola was up $3-4/t.
• WA and SA barley continued to slide lower finishing the week $15-20/t down
• Rain through the weekend slowed some harvest pace in SA and Victoria
• Late harvest yields have started to slide in southern NSW/VIC/SA