25/3/24 Prices
Chicago soybean futures stumbled last night, putting pressure on both Paris rapeseed and Winnipeg canola. The weaker AUD countered the move at Paris but couldn’t counter all the weakness at Winnipeg. Indicating a day to day decline, in AUD / tonne when taking the move in the AUD into consideration, of roughly AUD$7.36 / tonne.
Speculation on the exact size of the S.American soybean crop continues to cap the global oilseeds market.
Wheat futures in the USA were higher, hard red winter wheat futures at Chicago and HRW cash values out of the Pacific Northwest leading the way and flying in the face of reports that continue to suggest that US wheat values are too high to compete into the Asian markets.
The 7 days forecast for the US continues to look pretty good for some moisture across much of the corn belt and the spring wheat states. The HRW belt is a little mixed though and potentially the drier regions may remain dry for the week ahead. Canadian Prairies also look unlikely to see rain.
The weaker AUD will counter move lower in Russian FOB wheat values out of the Black Sea. Ukraine B/S wheat values also fall further. Now priced very close to their Russian competition.
Talk of EU banning Russian durum imports was interesting but is probably a case of shutting the gate after the horse has bolted and also didn’t cover the sale of Russian durum wheat through another country, i.e. Turkey buying Russian durum, getting it “delivered” and then selling it on to the likes of Italy.
Further targeted missile attacks from Russian on Ukrainian military sites has the punters talking up the tension in the Black Sea region. Whether or not this spills over into the grain markets as it has in the past is yet to be seen.