The USDA drank the Cool Aid supplied by ABARES, increasing Australian wheat production by 2.5mt. To compound the bearish nature of the report on Aussie wheat the USDA also increased Australian beginning stocks by 950kt but did counter this a little by increasing domestic use by 500kt and increasing...

Paris rapeseed Feb22 futures were sharply higher overnight putting on AUD$17.79 per tonne. Winnipeg canola futures did not follow the Chicago soybean market higher and actually shed C$10.90 on the March 22 slot. Volume in Chicago SRWW was back a bit possibly signalling that most positioning prior to tonight’s...

Chicago corn and wheat futures closed higher while soybean futures were a little lower. Winnipeg canola followed the US bean market lower while Paris rapeseed took back yesterday’s losses and some. The AUD was firmer against most major currencies which may counter the possible move higher in corn /...

Saudi Arabia confirmed the purchase of about 689kt of optional origin milling wheat with a delivery period of July 2022. The price paid was said to average about US$365.14 C&F, around US$12 under their previous tender results in early November. Louis Dreyfus featured heavily in the purchase with Olam,...

The Aussie dollar pushed lower overnight, briefly slipping to 69.95 before closing fractionally over 70c. The fall in the AUD will help act as a buffer for export wheat and sorghum values on Monday. The move countering a potential AUD$6.30 per tonne reduction in wheat, if Chicago SRWW futures...

A very nice recovery in US grain futures overnight, all three wheat grades closed sharply higher, corn was higher and soybeans at Chicago closed up 16c/bu ($8.29) on the nearby.  Both Paris rapeseed futures and Winnipeg canola were sharply higher, ICE putting on C$28.30 on the nearby January slot...

US grain futures were mostly firmer in overnight trade. Hard red winter wheat futures at Chicago bucked the trend and slipped a little lower. Minneapolis spring wheat was the clear winner of the wheat grades, improving 17c/bu (AUD$8.79) on the nearby. Improvements in corn and SRWW were said to...

US wheat futures were destroyed in overnight trade, technically killing the uptrend that had been in place since mid-September. Volume was also low, possibly exacerbating the move lower. Fundamental pressure was limited, mainly from the ABARES report predicting a massive Australian wheat crop, we have a good idea how...

Grains appear to have been caught up in the general market sell off in overnight trade. The financial markets were caught up in the narrative that the new variant of covid could interfere with the global recovery from covid19. So many “if’s” in world markets at the moment that...

Grain futures were generally weaker overnight, although Chicago corn futures, spring wheat and ICE canola futures at Winnipeg moved against the trend in soybeans, lower grade wheat and a general commodities sell down. The AUD, a commodity based currency, also moved lower against the US dollar helping to counter...