US futures market were closed overnight. Canola markets in Canada and Europe closed lower. Rain in Australia on unharvested crops, along with forecast of more rain next week, has driven cash prices slightly firmer.
Small moves in grains and oilseed futures markets overnight, though soybean meal lifted 2pc. US markets will be shut for Thanksgiving on Thursday. Rain in Australia should benefit summer crop, while winter crop harvest proceeds slowly.
Wheat futures closed higher in overnight trade, while corn was unchanged and world soybean, canola and rapeseed futures prices closed with small up, and down, moves. Forecast rainfall in parts of NSW, Vic and SA may lead to sprouting downgrades which would likely have the most impact in Victoria’s Mallee and Wimmera districts and on the Eyre Peninsula in South Australia.
A stronger US dollar cut futures prices of most commodities, though corn alone closed higher maintaining its rally on talk of export trade started late last week. Australia’s harvest is affected by rain in Western Australia and again in parts of south-eastern Australia, extending the uncertainty of difficult harvest conditions.
Wheat futures were driven higher last Friday night not so much by wheat conditions, but by soybean crop concern in South America and by rumours of big export quantities of corn trading in the US. Conditions for Australia’s harvest are still hampered by unseasonal rain.
Futures markets were mixed overnight, moving in small step up or down. Russian wheat remained the most competitive origin into Egypt. Rain in eastern Australia continued to halt the southward movement of harvest, raising concern about the possibility of downgrading quality.
Wheat futures traded lower overnight, while Winnipeg canola was sharply higher. International physical wheat offers are not cheaper, though bids would test for signs of a weaker seller. Western Australia is mostly dry as harvest rolls, whereas rain continues to fall in the Eastern states where it would be unhelpful to unharvested crop.
The fund position for wheat has likely increased while soybean contracts closed lower on a weaker Brazilian real. Corn has sustained pressure from weakness in beans and crude oil. Australian cash markets remain quiet.
Grains and oilseeds futures markets traded lower overnight. The weather forecast for northern Brazil had improved. Australia is forecast to see rain in the eastern states over several of the next seven days.
Futures markets ended last week mostly firmer, though canola was little changed. South American bean and corn crops are still in the melting pot of production uncertainty while Eastern Australian producers chomp their way through a rain-spattered harvest. Australian cash markets saw limited grower selling.