Indian chickpea futures stabilised overnight with the December contract closing a little higher and indicating Narrabri packer values should be around the $890 delivered mark for November.
If we were to use NCDEX futures as a benchmark for outer month deliveries we would see that the January slot was discounted by roughly $15 per tonne and the March slot by $120 / tonne from the December option.
With pulse export restrictions being lifted for some products India has been able to sell to some of the nearby countries that have been supporting our local prices for mung beans thus eroding the premium only recently available for low grade mungs in Australia.
Rain in the US Midwest is becoming problematic for corn and soybean harvest in some parts but as yet we are only seeing the issues support soybean futures. Soybeans have the added benefit of dry weather creeping back into some parts of Mato Grosso, Brazil this week. US river rates are also easing but basis at the Gulf remains strong as traders try to catch up.
Wheat futures struggled to find good news with Black Sea wheat continuing to dominate the export market into the Middle East.
Durum values in Saskatchewan remain steady while spring wheat values set a new 4 month low at Minneapolis grain exchange. Weakness in spring wheat is contributed to better than expected yields in both the US and Canada after a summer drought.