Prices 15/3/17
In the US wheat and corn futures were generally mixed without a lot of variation one way or the other. Soybeans slipped 6 to 9c / bu, with the larger moves nearby. We also see ICE canola and Paris rapeseed weaker this morning, the stronger AUD against both the CAD and the Euro makes the converted drop around A$4.60 / tonne but local basis does seem to be absorbing much of the movement in international futures for oilseeds at present. US corn found support from Chinese business.
Keep an eye on the dollar over the next day or so as most punters have the US as odds on to lift interest rates in tonight’s speech. Weakening oil prices did put a softer tone across outside markets that generally support the row crops.
In the US we see some big temperature variations with blizzard conditions pushing east out of Iowa, where several inches of snow has been reported, while in the west of the country temperatures some 10C above normal are persisting. Conditions are expected to remain mostly dry across the HRW belt through to next week but even then the heaviest falls are predicted to be east of the plains. Wheat condition ratings for Kansas are back 3% from Feb and are now pegged at 40% good to excellent.
Egypt is tendering again this week, they continue to play catch-up after the ergot debacle slowed early season imports.