Wheat markets tumble while corn and oilseeds close steady to higher.

• Chicago wheat July contract down US8.5 cents per bushel to 515.25c;
• Kansas wheat July contract down 11.c to 461.25c;
• Minneapolis wheat July contract down 7.5c to 518.75c;
• Corn July contract up 2.25c/bu to 331.25c;
• Soybeans July contract steady at 867.75c;
• Winnipeg canola July contract up $C2.25 per tonne to $466;
• MATIF wheat September contract down €0.25/t to €186.75;
• MATIF rapeseed August contract up €2/t to €375;
• Brent crude August contract US$2.31 per barrel to $42.30;
• Dow Jones index up 823 points to 27,077;
• AUD higher at $0.6979;
• CAD lower at $1.3422;
• EUR lower at $1.1294

Markets

Rain in Europe last week appears to have done more good than harm for wheat and barley crops now nearing maturity. This added to the bearish tone of Friday’s wheat markets in the northern hemisphere. Profit-taking and a firmer US dollar, as well as harvest pressure, appeared to drive down US values.

Australia

The ASX eastern Australian wheat futures July contract settled at AU$342/t on Friday, unchanged from the previous day, while the new-crop January contract was also unchanged at $302. Nearly all of Australia’s cereal crops have now been planted, and conditions remain good to excellent in Victoria and most of New South Wales. Western Australian crops need rain to preserve their yield potential, and the planting window has all but closed in Queensland, where areas which remain dry now appear likely to be held over for sorghum.