ABARES Australia wheat production estimate has finally fallen into line with the majority of private estimates. At 15.85mt it is well below the USDA estimate of 17.2mt. The number to keep in mind is the international export estimate. Thus USDA still predict an impossible export number of 9mt. Most...

US soft wheat futures at the CME were sharply higher in overnight trade. Hard red wheat futures were tempered somewhat versus soft and spring wheat futures rallied around 1/3 of the value (just 6c/bu) of the move higher in soft wheat. Weekly US export sales were the catalyst for...

Traders in the USA are probably sitting back wiping the last of the turkey and apple pie from their weary chins as I write. Thanksgiving holiday saw the US futures markets closed for the day. Generally the Friday following is also very quiet in the states as the punters...

Jordan picked up 60kt of wheat in a tender overnight. Values were up a little on previous purchases at US$239.30 / tonne C&F for the first half of April 2020. CHS were the successful seller with just two other participants offering wheat well above the final purchase value. Ethiopia...

Continued positioning ahead of the first notice day for the Chicago December contract this Friday remains a feature of the current US futures market. Thanksgiving holiday on Thursday will see much of the US market take the Friday off to make it a long weekend so expect the rest...

It’s all about the Aussie dollar this morning. Slipping 1% against many of the majors yesterday it may see some upward pressure on commodity values out of Australia this morning. The unemployment rate increased to 5.3% after the biggest monthly drop in available jobs in 3 years. There was...

US wheat futures gave back much of the previous sessions gains on the back of, well reality probably. Profit taking was active after the rally yesterday and all three US grades slipped, in some cases by more than the previous days rally. The USDA did reduce the G/E ratio...

A combination of better than expected weekly export inspections and a cold snap in the USA has resulted in some good gains in US wheat futures. Technical support also helped, the punters had been looking for some good news after last week’s bearish USDA report. Hard red wheat futures...

With the US markets closed for Veterans Day we turn our eye to the European markets for data. Milling wheat at Paris was a little lower closing the session for the December slot at E177.25 / tonne. Offers at the FOB level in France were closer to US$202. This...

The USDA November World Ag Supply & Demand report was out overnight. Let’s have a skim over the data and see what’s new. By the way the market has responded I’d say not much at a glance. USA wheat production is back 1.13mt to 52.26mt, resulting in a 810kt...