The Aussie dollar is back up over 77c this morning. It’s sharply stronger against the Euro and the Sterling, if you were thinking about doing the Canadian Rockies tour it might be a good time to lock your currency in there too Eddie.
Stronger metals markets fuelled by speculation the recovery in China is not just a short term chart anomaly saw the AUD on the radar of punters looking to park their basket of cash somewhere other than the USA until the water becomes a little clearer. The punters are tipping the AUD to stay firm and possibly breach 80c in the midterm, let’s hope the RBA step in with a rate cut before that happens.
Back in the “real” world US wheat futures were generally lower on the back of outside markets that are consumed with the US election. Weekly US export sales for wheat were bang on expectations and weather in the US is neutral if not a little bullish.
Corn harvest progressed quickly over the weekend with hotter, dryer conditions favouring row crop harvesting.
Weekly US export sales were also bang on target for corn and beans.
In the UK a dry October may see winter crop establishment there less than ideal but generally the EU and FSU states are all in relatively good shape for this time of year.
Chickpea dal in India was distributed by the government at roughly $1400 / tonne indicating there is still plenty of fat in the price.