Markets had a mixed Friday. US wheat futures were lower.
- Chicago wheat December contract down US3 cents per bushel to 550.25c;
- Kansas wheat December contract down 3.25c/bu to 472.5c;
- Minneapolis wheat December contract down 4.75c/bu to 542.50;
- MATIF wheat December contract up €0.25/t to €188.25;
- Corn December contract up 4.25c/bu to 358c;
- Soybeans November contract up 2c/bu to 968c;
- Winnipeg canola November unchanged at C$503.70;
- MATIF rapeseed November contract up €0.50/t to €384.50;
- Brent crude November contract down US$1.41 per barrel to $42.66;
- Dow Jones index points down 159 points to 28,133;
- AUD weaker at $0.727;
- CAD weaker at $1.313;
- EUR unchanged at $1.185.
Ahead of the USDA’s World Agricultural Supply and Demand Estimates report due out Friday, and with the Labor Day holiday in the US today, markets closed mostly softer in Friday trading. US CFTC data shows the speculator is now long US wheat futures.
Global values remain well supported, with French wheat futures near contract highs, and Russian cash again firmer in spite of increasing production ideas.Debate over Chinese buying of US commodities continues, while soybeans print new contract highs, and corn demand keeps ticking along.
The local market found some ground towards the end of last week, with new-crop wheat in demand late Friday and grower bids rising by $4-5/t.
Trade markets also finished the week stronger by $6-7/t in wheat, and barley traded steady to slightly firmer.
Market chatter of new crop export business sparking interest late in the week.
Canola also firmed by the end of the week to finish up relatively unchanged in an up-and-down week on new crop.
Widespread coastal showers appear on the eight-day Bureau of Meteorology forecast, and some cropping areas look set to receive some rain.
Source: Lachstock Consulting