EU weaker, US firmer in mixed, small moves.
- Chicago wheat March contract up US2cents/bushel to 577.5c/bu;
- Kansas wheat March contract up 2.75c/bu to 545.5c/bu;
- Minneapolis wheat March contract down 1.75c/bu to 548.75c/bu;
- MATIF wheat March contract down €0.75/t to €201.25;
- Corn March contract up 3.5c/bu to 424c/bu;
- Soybeans January contract down 4.5c/bu to 1158.5c/bu;
- Winnipeg canola January contract down C$1.70/t to $583.40/t;
- MATIF rapeseed February contract down €1.25 to €408;
- Brent crude February down US$0.46 per barrel to $48.79;
- Dow Jones index down 148 points to 30,070;
- AUD unchanged at $0.743;
- CAD weaker at $1.279;
- EUR firmer at $1.212.
The next USDA World Agricultural Supply and Demand Estimates report is due out on Thursday. This is a normally quiet report, and few in the market are expecting any kind of fireworks as the USDA normally leaves domestic figures largely unchanged prior to the January stocks and production reports.
South American weather maps are looking fairly good for a band of rain across central Mato Grosso/Goiás this week, although most of Argentina is missing out on any follow-up rains.
Brazilian beans were pegged at 90-per-cent planted, only slightly behind normal, and earlier planted fields in the south are starting to flower.
Argentine export terminal strikes have been lifted and operations are back to normal, although we have not seen any indication of a deal yet reached.
Weekly US export inspections were fairly normal, with 734,000t of corn, 2.3 million tonnes of soybeans, and 531,000t of wheat, including a cargo of durum ex Great Lakes to Italy. No sales of sorghum were reported.
After rain delays over the weekend and Monday, most of the southern harvest zones have little harvest action happening.
Cash markets kicked off the week lower again as Aussie grain markets continue to bleed lower through the harvest period. With the market already at export parity, the trade and domestic consumers seem to be content to pick up grain as needed. With such a big crop coming at them, there is no need to chase grain.
Western Victoria’s canola harvest has kicked off with impressive yields coming in, and oil content continuing to be very high. This has been a common trend this harvest and reflects the soft finish to the growing season.
Source: Lachstock Consulting
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