You can’t flog a pulse into a dead horse, the same could be said for the US wheat futures market at the moment. If prices go any lower the
farmer bales out and physical grain can’t be acquired, if they go any higher no one wants to buy any for export.
It is slowly becoming apparent that without a major issue in a major exporter in the next six months world stocks are destined to keep
climbing. This is seeing the speculator withdraw funds in search of more volatile fields. Futures at Chicago are trading sideways.
Someone even reported higher than normal amounts of radiation was present in central Russia yesterday, possibly the result of nuclear
accident of some description. You could almost hear the international markets moan like they’d just read a really bad dad joke. The result was
irrelevant, wheat markets simply lifted an eyebrow, sipped a flat white and traded sideways.
US soybeans had a pulse, a weak one, but it’s still there. The same could be said for Paris rapeseed and ICE canola futures. The outlook still
looks good for global canola prices but the volatility in palm oil continues to overshadow the problems in S.America.
Durum prices in SW Saskatchewan are steady while 1CWRS13.5% wheat is trading higher narrowing the premium durum has over bread wheat
there. The spread between the two is now C$20 per tonne in favour of durum.
Chickpea futures were firmer but the stronger AUD against the Rupee may actually result in slightly weaker Aussie values today.