Overview of futures markets:
Lower for grains and oilseeds.
- CBOT Wheat was down -2.25c to 436c,
- Kansas wheat down -1c to 463.25c,
- corn down -3.25c to 369.5c,
- soybeans down -12c to 1014.75c,
- Winnipeg canola down -4.29$C to 526.6$C,
- Matif canola down -4.75€ to 415.75€.
- The Dow Jones down -29.58 to 20924.76 ,
- Crude Oil down -0.3705c to 52.83c,
- AUD up to 0.75866c,
- CAD up to 1.34139c, (AUDCAD 1.017)
- EUR down to 1.056c (AUDEUR 0.7178).
Soybeans under pressure from increased Brazilian production, and the lack of significant nearby weather threats. The biofuel mandate in Brazil was increased from 7-8pc. Charts appear to have found some technical support below current levels.
Canola followed the weaker oilseed complex, which encouraged technical sellers considering outside weakness and a chart near recent highs. The Canadian dollar was close to unchanged.
Wheat was lower in the front end contracts, but resilient further out the curve. The market traded lower early on, following weakness in other commodities, but recovered off the lows due to dry new crop conditions in winter wheat areas.
Corn sympathised with beans closing lower, with limited fundamental news of its own to trade on. Export demand looks to be consistent with a fresh sales ongoing. A case of bird flu has been uncovered in Wisconsin in the US which could have large impacts on domestic consumption if an outbreak occurs and animals are culled.
Source: Lachstock Consulting