Profit taking was an early feature of the corn and soybean pits at Chicago but this gave way to a late session rally that saw the nearby contract close in the black. The US weather map for this week isn’t great for the driest locations. The durum belt of...

Chicago corn, wheat and soybeans all marched higher in overnight trade. MGEX March 22 spring wheat futures closing above 700c/bu (AUD$331.78/t). This is the first time spring wheat futures have been up over 700c for some time. Back in 2017 the spot market ran into the 700’s in late...

Corn and soybeans lead the Chicago grain futures market higher leaving wheat behind to close flat. The markets were focusing on a cold snap due through the corn belt later this week. Over the last few days temperatures in the corn belt have been a little cool but not...

Corn futures at Chicago briefly broke through US$6.00 per bushel (AUD$304.70/t) overnight before retreating to close at 590c. We haven’t seen numbers that high since July 2013. In 2012 the US had some serious issues with corn production and the July 2013 contract was the last old crop corn...

Chicago corn, soybeans and wheat futures were all higher in overnight trade. The weaker US dollar had a bit to do with it, contributing roughly AUD$3.00 to a AUD$9.00 rally in nearby SRW wheat. The rally was fuelled by dry conditions in the US spring wheat belt and cooler...

Argentine sorghum for May / June movement is offered at US$220 port. Using China as a home this number roughly equates to around an equivalent delivered Newcastle port number of about AUD$340. At the moment the trade appear to be happy to keep local Australian values closer to AUD$295...

The march higher in US grain futures was put on a break overnight with corn, wheat and soybean futures all closing in the red. The punters appeared to have built a significantly long position in all three grains and a round of technical selling / profit taking was the...

US wheat futures moved higher, corn futures were flat while Chicago soybeans shed AUD$5.90 / tonne on the nearby contract. Weakness in soybean futures spilled over to a little profit taking in both ICE canola futures and Paris rapeseed, both exchanges posting slightly lower closes on the nearby. The...

Looking through the raft of international business that has been reported this week one can’t help but think that many major consumers have taken advantage of the recent decline in wheat values. Algeria started the week booking 30k of milling wheat at US$280 CFR.  The product was purchased on...

Nearby futures for ICE canola defied the lower close in Chicago soybeans and put on another C$15.30 per tonne for the May slot, I’d hate to be caught short on that contract, it’d be starting to get a little hard to sleep at night. New crop ICE canola was...