With the USDA report due out tonight the US futures markets were in go slow mode with technical trade and positioning dominating the proceedings. Fundamental support came from China buying 300kt of US soybeans, I’ll get excited about that when I see the export shipment. Soybeans were the driving...

ICE Canadian canola futures found some much needed fundamental support with StatsCan dropping production for 2019 to 18.65mt, that’s about 1mt less than the punters were initially backing before the wet harvest took its toll. The prospects of shrinking Chinese demand also saw fewer acres sown, a trend that...

Stronger soybean futures at Chicago helped ICE canola futures claw back some of the recent losses but generally Canadian canola values are trending lower as China refuses to increase imports. US Corn and wheat futures were both lower. Wheat found selling pressure from poor weekly US export sales data....

Thailand picked up 60kt of feed wheat overnight at US$236.50 CFR. The punters are tipping the loading to be from Romania or Argentina, there’s nothing of that grade coming out of Western Australia at present. To put it into perspective we would see around US$20 to move product from...

US grain futures concentrated on technical trade and thoughts that some of the wheat and soybeans left standing in northern fields may be abandoned. The weather issues in the US were nothing more than a slight hand brake as downside momentum picked up and corn, soybeans finished the session...

ABARES Australia wheat production estimate has finally fallen into line with the majority of private estimates. At 15.85mt it is well below the USDA estimate of 17.2mt. The number to keep in mind is the international export estimate. Thus USDA still predict an impossible export number of 9mt. Most...

US soft wheat futures at the CME were sharply higher in overnight trade. Hard red wheat futures were tempered somewhat versus soft and spring wheat futures rallied around 1/3 of the value (just 6c/bu) of the move higher in soft wheat. Weekly US export sales were the catalyst for...

Traders in the USA are probably sitting back wiping the last of the turkey and apple pie from their weary chins as I write. Thanksgiving holiday saw the US futures markets closed for the day. Generally the Friday following is also very quiet in the states as the punters...

Jordan picked up 60kt of wheat in a tender overnight. Values were up a little on previous purchases at US$239.30 / tonne C&F for the first half of April 2020. CHS were the successful seller with just two other participants offering wheat well above the final purchase value. Ethiopia...

Continued positioning ahead of the first notice day for the Chicago December contract this Friday remains a feature of the current US futures market. Thanksgiving holiday on Thursday will see much of the US market take the Friday off to make it a long weekend so expect the rest...