There’s a World Ag Supply and Demand Estimates report to have a look at this morning. I’ll concentrate on wheat. From the macro level the report isn’t as bullish wheat as what the 20c+/bu rally at Chicago might suggest. World opening stocks were increased 1.18mt, production was decreased 670kt,...

US wheat futures closed with losses across all three grades. The spring wheat condition report was expected to offer some form of support to spring wheat futures but had little impact. Minneapolis wheat futures closed 10.75c/bu (AUD$5.60/t) lower. Cash values out of the Pacific Northwest for both US and...

The USDA weekly crop progress report was out last night. The corn crop is 94% silking, 61% dough stage, 16% dented, and the crop condition rating was unchanged from last week at 48/13-61% G/E. US soybeans shed 1pt in the G/E rating, now pegged at 62% G/E. Cotton shed...

A mixed international wheat market last night, firmer in the Chicago and Paris futures markets, but there were some falls in the conversion values compared to yesterday for Black Sea and Argie product. US cash wheat values out of the Pacific Northwest were mostly higher apart from Club White...

There’s a USDA WASDE report due out mid next week, so there’s technical trade keeping US futures market somewhat de-linked from the fundamentals at present. US corn export sales were within expectation, and not bad at 1.14mt, but not enough to blow the froth off a Wall St cappuccino....

EU markets were firmer, US markets were mixed. London feed wheat, Paris milling wheat, Paris corn, Paris rapeseed, were all firmer bar a couple of slots. Paris milling wheat gained €3.25/t in the December slot. This takes Paris Dec milling wheat to €231.75/t (US$267.75/t). The Dec slot for Chicago...

A Russian cargo ship was hit by drones while about 50ks off the Russian Black Sea port town of Novorossiysk. There are mixed reports of who owns this ship, some commentators claim Russia, some Turkey, some say it’s under a Cameroon flag. Most agree it was part of the...

The US national corn crop condition rating declined again this week, down another 2pts, following on from last weeks 4pt decline. This makes the US corn crop Good / Excellent rating 12pts lower than it was this time last year. Nebraska, the state everyone had been worried about registered...

Good rallies are often followed by a little profit taking in the following session. Wheat may have succumb to this last night, Chicago futures shedding around AUD$5.00 per tonne. HRWW out of the PNW FOB cash values did not follow futures lower, instead gained AUD$4.00+. If we were to...

US hard red winter wheat futures lead the US wheat market higher last night. There were good gains to be made across all grades in both cash and futures. Cash FOB HRWW out of the US Pacific Northwest jumped roughly AUD$15.94/t compared to yesterday’s conversion. Canadian spring wheat out...