Prices 06/11/17

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More technical trade in US futures markets overnight as the punters look to be squaring up a little prior to next weeks USDA reports.
The Chicago Dec wheat contract if experiencing another day of sideways or higher movement on Monday should just about see the market square. There is not a lot of strength in US wheat futures other than technical at present, the US export pace is mediocre and usually within trade expectations and the weather is generally more favourable than harmful to the recently emerged winter wheat crop.

Iraq did pick up some wheat off US overnight which did help support values. This is a good sale and if the US can string a few more of these together it will make a difference. But at theĀ  moment these sales are simply needed to achieve their current USDA projections.
The sale was hard red winter wheat with the trade suggesting Cargill moved 300kt and ADM 150kt. This is on top of the 100kt that the USDA reported the US sold to Iraq on Tuesday. There is also a 50kt wheat tender into Iraq due to be concluded on the 5th.
I guess the most interesting thing about this purchase is it went around the standard tender system.

Chickpea values at the NCDEX are firmer this morning and indicate a move higher of about AUD$29 / tonne over the last couple of days.
The average ex farm cash price for 1CWAD13 durum wheat in SW Saskatchewan is steady at C$276.69 / tonne for Jan pickup. These values have moved very little in recent days according to PDQ. The CAD appears to be having the biggest impact on Canada values.

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