It’s all about the Aussie dollar today, it marched through 77c last night and is currently pushing through at 77.22USC. This will counter any moves higher on Chicago wheat and will take back more than half of what was shaping up to be a good move higher in canola at the ICE.
In the US corn, wheat and soybean futures were all higher by the close. Hard red wheat out of Kansas was the best performing grade and so it should be. Prices for HRW both on the US domestic market and the global market have been appalling and pushing HRW into the US feed grain market in recent weeks.
Good US soybean sales kept the oilseed markets in the US under steam while the weather in Canada is keeping the canola market there forging ahead. Wheat found support from speculation the US may pick up some export business in recently announced tenders. Rain in Brazil also helped wheat along with thoughts a percentage of the crop will once again be downgraded by wet weather at harvest. The US did see some benefit from this happening last year but they will need to compete with a very cheap Argentine product to buy market share.
Chickpea prices in central Canada are unchanged week on week. This is worth watching closely though as the quality of the Aussie crop is starting to suffer from disease on the Downs.