Markets

Market news 7 November 2017

Grain Central, November 7, 2017
  • CBOT wheat up 5c to 430.75c,
  • Kansas wheat up 3 1/4c to 430c,
  • Corn down 0.25c to 348c,
  • Soybeans up 7.25c to 994c,
  • Winnipeg canola up C$2.1 to $518.9,
  • Matif canola up €2.5 to €382.25,
  • Dow Jones up 9.23 to 23548.42,
  • Crude oil up US1.65 to US$57.35,
  • AUD up to 0.7680c
  • CAD  1.272c (AUDCAD 0.977),
  • EUR  1.161c (AUDEUR 0.662).

Currencies

The US Dollar weakened a little against the other agri‑exporter currencies on Monday.  The greenback has, for now, shied away from pushing towards new highs.

The Australian Dollar gained just a little over a quarter cent to start today a little over 76¾¢.

Wheat

US winter wheat futures made sharpish gains on Monday.  Chicago December has veered away from recent lows.  The US Dollar’s retreat from recent highs will have helped the market’s mood.

Corn

Corn futures prices were a shade weaker on Monday.

Oilseeds

Oilseed prices gained on Monday.

Brazil’s Mato Grosso region received only a smattering of rain over the weekend.  The region also saw temperatures in the forties.  The two will mean soil moisture in the region will have declined dramatically.  Weather forecasters expect the region to get rain over the next week.  The rain amounts may be short, perhaps well short, of what of what is required to lift soil moisture.

Soybean prices were boosted, as was canola.

US$ canola prices are at their recent highs, something that might make them resist further gains near‑term.

Australia summer crop

Weather forecasters continue to expect a little rain in Australia’s summer crop regions this week.  The high temperatures over the weekend have increased the urgency for rain in the region.

Source: Agricommodities Daily Alert, Commonwealth Bank agri-commodity strategist Tobin Gorey

 

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