prices 6/12/18

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The Aussie dollar fell sharply against all the major currencies yesterday and overnight. The AUD was dragged down by unexpected & much lower growth……… seriously…….unexpected…… where do these guys live under a bloody rock. The banks don’t want to lend money to anyone who needs it, the cost of living is ridiculous, there’s a 1 – 100 year drought decimating most parts of inland eastern Australia and the down turn came as unexpected… what do these guys do, get surprised the when the sun comes up every morning !!!

Oh well, back to the real world. US soybean futures were relatively unchanged. You might think that US soybeans could become the major winner of a resumption of trade between the US and China. I guess we’ll wait for the boats to be unloaded before we count those chickens. In the meantime I guess the US soybean producers, well those who qualifying, will simply get some more subsidies.
Corn futures in the US done nothing and wheat futures were lower on the back of further profit taking. Slow US exports of wheat are the longer term key to weakness in wheat US futures there.
The punters are starting to have a stab at next Tuesdays WASDE numbers and most are calling for an increase in US wheat stocks.

Parts of India are becoming very dry. The major chickpea growing area is probably one of the better off regions at present but it too is dry in comparison to previous years. Keep an eye on chickpea production estimates for the sub continent over the next month.

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