US wheat traded lower overnight while most other contracts firmed.
- Chicago wheat December contract down US6 cents per bushel to 544.25c;
- Kansas wheat December contract down 3c/bu to 469.5c;
- Minneapolis wheat December contract down 6.25c/bu to 536.25;
- MATIF wheat December contract up €0.25/t to €188.75;
- Corn December contract up 3.75c/bu to 361.75c;
- Soybeans November contract up 5c/bu to 973c;
- Winnipeg canola November up C$7.20 to C$510.90;
- MATIF rapeseed November contract down €0.50/t to €383.75;
- Brent crude November contract down US$2.23 per barrel to $39.78;
- Dow Jones index points down 632 points to 27501;
- AUD weaker at $0.721;
- CAD weaker at $1.323;
- EUR weaker at $1.178.
Markets
China’s corn prices have hit a five-year high amid excessive rainfall leading into its harvest window, while US crop conditions showed another reduction in both corn and soybean conditions. USDA has now pegged corn at 61 per cent good to excellent and soybeans at 65pc good to excellent, both down 1pc from last week. US winter heat is pegged at 5pc planted versus an average of 3pc for this time of year.
Australia
New-crop wheat and barley markets gained $1-$2/t in trading yesterday, with new-crop canola also showing some strength. The Aussie dollar softened in overnight trading to return to the lower end of its medium-term range, and this is expected to provide support to new-crop grain prices.
Source: Lachstock Consulting
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