A quick look at last night’s USDA World Ag Supply and Demand report for wheat shows opening stocks up 1.05mt to 289.87mt, production back 2.18mt to 776.42mt. The reduction in production number is pretty iffy looking and is made up of mostly smaller reductions in a number of producers,...

Slight technical corrections lower in both Chicago corn and soybean futures were not reflected in US wheat futures. Wheat moved higher, bucking the trend in the row crops. All three grades of US wheat were firmer by the close, Minneapolis spring wheat futures gaining the most, the nearby contract...

We have a USDA WASDE report out Feb 9th US time, so we’ll see their thoughts here on Thursday. Chicago soybeans were the big winner overnight. Futures for the nearby were up 28.25c/bu (AUD$14.56). Thoughts that China will look to the US for imports in the short to mid-term,...

South Korean Major Feedmill Group, MFG, purchased up 110kt of feed wheat overnight. Reports expect to see supply of 55kt from India and the balance potentially coming from either the US PNW or Australia. I’d be backing the later on the second 55kt. US quality out of the PNW...

US wheat futures are now almost back to levels prior to when the Ukraine / Russia conflict talk first arose. Global fundamentals remain relatively unchanged so one can only assume, in the short term, we are more likely to push 20c/bu lower, rather than 20c/bu higher, in order to...

Chicago soybeans continue to push higher, closing with nearby gains of 16.75c/bu (AUD$8.60). The move fuelled by speculation on the S.American crop. Spill over buying was evident in both canola and rapeseed futures but at the current price level canola will struggle to push higher and is more likely...

The US dollar continues to slide after hitting a 19 month peak at the end of last week. This has seen the value of the Aussie dollar increase again overnight, countering the potential move higher in US grain futures. The US Fed continue to talk of higher interest rates...

Chicago soybean futures bucked the trend lower in wheat and corn, putting on 20c/bu (AUD$10.39) in the March / May slots. Nearby Paris rapeseed was sharply high, up E36.50 per tonne but the big increase was not reflected in the new crop contracts which were a touch lower by...

With the AUD back under 70c this morning and some healthy gains in US soybean, Paris Rapeseed and Winnipeg canola futures one remains optimistic about the outlook for local values for both old and new crop canola here come Monday. The AUD came under pressure from an increasing US...