Prices 16/10/18

Category:

In the USA soybean futures lead the market higher. Weekly export inspection volume is the key to it with the US loading more than double the average trade guess prior to the report. China appeared on the books with 135kt or orders. This will be one of the few ships loaded with US beans since the 25% import tariff was applied by the Chinese.
Crushers in Argentina were also back on board buying US soybeans to keep pace with demand after poor crops cut local supplies. SE Asia was the main buyer with Europe also on the books with 260k heading across the Atlantic.
Stronger soybean futures dragged canola values higher at the ICE. With the Jan 19 contract closing C$5.10 higher.

Global cash wheat values were generally unchanged while US futures did manage to close higher. Tender news is a little thin on the ground with about 320kt looking for an offer out of the Middle East.

Global production estimates are flat with just Argentina and Australia to come in to close off the 2018 crop. Interesting to note that there are some estimates for Western Australia as low as 8mt while the general consensus seems to be somewhere around 9 – 9.7mt. Riverina Aust and NAB production estimates are pretty close at 17.448mt and 17.4mt respectfully. While the USDA estimate is 1mt higher at 18.5mt.

TAGS: