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...

US wheat futures found support from better than expected weekly sales. At 503kt export sales were well above the trade estimate and much better than the last couple of weeks. The news put 11c/bu (AUD$5.85/t) on the March soft red winter wheat contract at Chicago. The news also coincided...

US wheat futures were flat to lower in overnight trade. The stronger Aussie dollar will exacerbate the move in local values and may see export parity offers from the west coast slip a little today. Physical offers for wheat around the world were generally flat to firmer yesterday with...

With the USDA report due out tonight the US futures markets were in go slow mode with technical trade and positioning dominating the proceedings. Fundamental support came from China buying 300kt of US soybeans, I’ll get excited about that when I see the export shipment. Soybeans were the driving...

ICE Canadian canola futures found some much needed fundamental support with StatsCan dropping production for 2019 to 18.65mt, that’s about 1mt less than the punters were initially backing before the wet harvest took its toll. The prospects of shrinking Chinese demand also saw fewer acres sown, a trend that...

Stronger soybean futures at Chicago helped ICE canola futures claw back some of the recent losses but generally Canadian canola values are trending lower as China refuses to increase imports. US Corn and wheat futures were both lower. Wheat found selling pressure from poor weekly US export sales data....

Thailand picked up 60kt of feed wheat overnight at US$236.50 CFR. The punters are tipping the loading to be from Romania or Argentina, there’s nothing of that grade coming out of Western Australia at present. To put it into perspective we would see around US$20 to move product from...