It was very much a pre WASDE report type market across US futures last night. The USDA will present their first World Ag Supply and Demand Estimates report for 2024 on Friday night our time. I’ll have a dig into it on the Saturday morning comments. No one is...

Technical trade saw most grain futures markets close in the green last night. Even US soybeans closed higher, dragging both Paris rapeseed and Winnipeg canola higher by the close. Harvest of soybeans has commenced in Brazil, there’s not a lot off as yet, and the fields that are now...

US wheat futures were sharply lower in overnight trade. Generally cash wheat values from major exporting nations did not follow the Chicago SRWW futures contract lower dollar for dollar. HRW out of the US PNW was valued at US$248.38 roughly AUD$6.74 lower as opposed to the move in SRWW...

The biggest losers overnight were the oilseeds. Funds continue to clear a long position held in Chicago soybean futures as good rain falls, and is predicted to continue to fall, across much of the major production area’s for soybeans (and corn) in Brazil and Argentina. The pressure from this...

A softer close in Chicago soybean futures weighed on both the Winnipeg canola contract and Paris rapeseed futures. The weaker dollar helped, turning the Winnipeg move from a potential -AUD$11.62 to -AUD$8.52. At Paris the move equates to a day to day change of about -AUD$2.80 thanks to a...

Funds continue to sell wheat while buying corn, and yes, also buying soybeans at Chicago ??. Overnight Chicago soybean futures for the March 24 slot closed a smidge higher, up 3.5c/bu by the close. This caught a few oilseed bears by surprise. The Winnipeg canola futures contract was having...

Chicago soft red winter wheat futures were hit pretty hard last night, although it’s getting more common to see 20c/bu moves at Chicago these days. Wheat, and to a lesser degree corn, futures were likely caught up in the heavy selling in Chicago soybeans as funds cleared their long...