Indian chickpea futures for December continue to slide, shedding roughly $20 / tonne overnight on the December delivery contract. In recent days the nearby futures have also fallen as supply from CQLD eases immediate concern. Some punters are still calling the Aussie crop 1.1mt while others now have it pegged as low as 400kt. India did have a respectable summer pulse crop this year and if they manage to harvest an average or above average chickpea crop in April next year it will go a long way to fixing the issues they have had over the last three years and prices may well slide some for the 2018 harvest, there’s a long way to go though for both the Indian crop that isn’t even in the ground yet and the Aussie crop.

US futures managed to close a little firmer in overnight trade. Wheat was the leader last night with strength reportedly coming from too wet conditions across the winter wheat fields currently being sown in the US. Technically the wheat chart is overbought but has been so for a week or two now and is finding support at these levels. The punters are also supporting wheat under the expectation the USDA will reduce estimates for all US wheat grades in a report due out this Friday. Some analyst speculate that spring wheat production could be as much as 20% lower than the current USDA and trade estimate, possibly as low as 8.2mt, the lowest production level since 1988.
Lets hope the StatsCanada report doesn’t rain on their parade.