Overnight futures markets
Oilseeds were down and grains mostly lower
- CBOT wheat was down -2.25c to 507c,
- Kansas wheat down -4c to 541.5c,
- Corn up 1c to 388.25c,
- Soybean down -2.75c to 1074.75c,
- Winnipeg canola down -$C7.79 to $C520.7,
- Matif canola down -€2.25 to €351.75.
- The Dow Jones up 9.36 to 24884.12 ,
- Crude Oil down -0.21c to 62.36c,
- AUD down to 0.78213c,
- CAD up to 1.2878c, (AUDCAD 1.00716)
- EUR up to 1.24071c (AUDEUR 0.6301).
Minimal changes in Chicago wheat numbers in the context of the last week with a downward slide of US2.25c/bu on the back of longer term rainfall in the US.
We have seen a GASC (Egypt) tender result comprising 175,000 tonnes from Russia at approx. US$213/t free on board showing a strengthening Russian market, $6/t higher than the previous transaction.
Corn rallied 1c/bu with a weaker US currency and suggestions continuing regarding a sub-2 billion bushel new crop idea.
This is on the back of 173 bu/ac yields over 90 million acres.
South American weather situation remains on edge as nearby demands remains somewhat resolute.
Soybeans lost ground of 2.75c/bu with a damper-than-expected two-week outlook.
We are getting to the time where the occasional scattered shower in South America won’t be enough to save the day so this upcoming forecast is definitely worth keeping an eye on.
If we don’t see some significant rainfall at some stage before the end of the month we might be looking at a crop closer to 40 million tonnes (Mt) compared with a current estimate of 45Mt.
Australia has a dry week coming up in all cropping regions, with highs of 5-10 millimetres forecast in eastern NSW and Queensland.
Victoria, South Australia and Western Australia will see no rainfall for at least another week.
This isn’t a problem in the short term in the southern states but some degree of subsoil moisture wouldn’t hurt, leading into April.