As expected last night’s USDA report confirmed the smallest sown winter wheat crop in the USA since 1909.  A winter storm is also pushing through the US Midwest. Although not likely to have a major impact on grain production is will hamper logistics in some locations. The USDA Wade...

US wheat futures at Chicago found support overnight with both soft and hard wheat contracts closing higher. The punters are square old crop and are backing a big adjustment lower to new crop wheat acres in the states in tonight’s WASDE report. The spat between Iran and the USA...

The offers are in on the latest Egyptian wheat tender. Russia has beaten Ukraine past the post but not at and FOB level, Russia managed to be the lowest delivered price thanks to some cheap frieght. The Russian offer came in at US$245.50 C&F. Romanian wheat was also cheap...

Wheat, corn, soybeans, any of the US grain futures were struggling to find a pulse last night. The market dwelled on the tension in the Middle East and squaring up prior to the USDA WASDE report due out on Friday. The weather in the US in benign, a winter...

With net weekly US wheat sales coming in at just 312.9kt the market used the opportunity to sell futures lower and reduce some of the longs prior to this Friday’s USDA report. There is also a little “risk off ” fuelling this market sell down after last week’s US...

SRWW futures at Chicago remain overbought and as so are likely to come under continued technical pressure in the short term. Last night’s session was a good example of that. The USDA released an exceptionally good weekly export sales number of 868,600 tonnes for the week up to December...

Profit taking seemed to be on the menu at Chicago last night. Wheat, corn and soybeans futures all closing a little lower. Soft red wheat futures were hit the hardest shedding 8c/bu (AUD$4.28/t) on the nearby March contract. Soybeans and corn found enough support from trade deal chatter to...

The Aussie dollar slipped against all the majors bar the pound which is having its own issues at present. With the RBA hinting at another rate cut as early as February 2020 the punters took to the sell side. I found it interesting that the key to the weakness...

US wheat futures were higher across the board on continued short covering leading into the break. The catalyst seemed to be optimism from the US / China trade deal as well as some good numbers for US weekly export shipments. It’s one thing to put the sales on it’s...

The markets were busy consuming what the China / US phase one trade deal really is. The deal includes food and agricultural products so will have to be thoroughly understood to work out the impact on grain prices. This didn’t stop the market from reacting in the usual manner...