Just looking at the NCDEX chickpea contract for October, that guy who was trying to close out yesterday looks like he got his 20 contracts done last night at $50 higher again, that’ll teach him for speculating on a futures market. Who’d have thought you could use a futures market for speculation, well about the only people I know who it has come as a surprise to is the Indian government.

The July WASDE has been and gone. There was no major surprises in last night’s report to push the market lower today. If anything the report is probably more friendly than anything. Corn production in Brazil was reduced to 70mt to bring the USDA in line with most of the punters. US stocks were projected lower than expected too.
The only real surprise was actually in world wheat ending stocks, China to be specific, good old China, where ending stocks were reduced by 5.5mt due to an increase in feed use. So the Chinese are not only chewing through their corn ending stocks but their wheat ending stocks too…… how convenient.
Apparently the weather models for the states show a developing heat wave right over the corn belt in the near term. This is likely to have a bigger impact on soybeans than corn thus the rally in beans. ICE canola enjoyed the leg up from the soybean pit and managed to close C$4.90 higher in Jan17. The AUD is up 1% this morning and will take the cream off local bids today.