Chickpea values in India continue to move higher with futures trading at AUD$1080 / tonne late in yesterday’s session.  Slower supply from regional centres in Indian and talk of the Australian crop struggling from dry weather and frost damage has the Indian’s watching the supply side very closely at present. India will need the Aussie crop to cover their total demand in 2017-18.

Soybean futures in the USA managed to hold on to gains and closed last night’s session fractionally higher. Canola futures in Canada and the EU also closed higher. The global supply and demand table for canola continues to support strong basis over soybeans and steady to firmer values for our harvest period. Much of the strength will lie in what final Canadians yields are an if the Aussie trader wants to pay for oil or discount basis as they did last year.
Wheat futures in the US pushed lower again overnight with the biggest loser being the spring wheat contract at MGEX. In the last two weeks spring wheat futures have given back 90c/bu, roughly AUD$42 / tonne. With around 70% of the spring wheat crop now harvested one might be able to put the decline down to harvest pressure. With both the N.USA and Canadian spring wheat crops much smaller than last year we should see good demand for quality wheat increase once the headers are all parked up and leading into our harvest and the new year.