|Soybean futures at Chicago ceased the night closing 28.3/4 c/bu (AUD$14.20) higher on the nearby contract. A number of things influenced the jump in soybeans, slow US farmer selling, some talk of lower than expected yields in the US and even talk that China may be getting ready for trade talks with the USA.
The news out of China was not in sync with the US soy markets news though. Chinese values were weaker at the futures market and in the cash market.
US wheat futures were higher across all three grades. Consensus was that concern over world production is the key here but there was also a slight decline in the US spring wheat crop rating. Spring wheat in the states is about 4% harvested.
There has been more photos coming out of Western Ukraine and parts of Russia showing shot and sprung wheat. Germany is putting together a drought relief package worth E$1bn. The Swedish Farmers Co-Op said wheat yields will be back by as much as 40%.
Indian chickpea values continue to rise as summer pulse production is expected to drop away after a dry start to the season. Production of mung beans maybe affected but the sowing area of chickpeas will be what we need to watch over the next couple of months.
Category: Pulses News