US grain futures closed higher in overnight trade. The strength was said to be attributed to a drop of 3% in the G/E rating for corn in yesterday’s crop progress report. Technically corn futures at Chicago are very oversold and have been for a few weeks now. Normally leading...

Australian production estimates proved to be a key driver in global wheat values overnight. ABARES produced a wheat production estimate well under the June prediction but still much high than most optimists are expecting to see. At 19.2mt it is still around 1mt higher than some trade guesses and...

Canadian ending stock for wheat, although “low” were not as low as the punters expected. The number came in at 6.18mt versus a trade guess of 5.2mt. Canada had taken advantage of the poor Australian season and increased exports into Asian markets. Exports were up 6.9% year on year...

Wheat futures in the USA saw the bargain hunters supporting the market. After recent losses in US wheat technical trade took over and the market has rallied a little in recent days. Looking at the December SRW chart at Chicago it does show that wheat is approaching a more...

US wheat and soybean futures bounced a little overnight while corn continued lower. International values would suggest US wheat values have a little more downside left in them just yet. There’s no significant changes to the global S&D for wheat at present suggesting the slight bounce in values is...

US wheat futures traded lower overnight on a combination of large global stocks and technical selling. HRW futures continue to be the most vulnerable as US quality is lower than average and there is plenty of milling wheat world wide making exporting difficult. The US does have a disadvantage...

With US markets closed for the day information is a little thin on the ground this morning. A quick look at the EU market shows rapeseed back a little across all contract months while milling wheat futures at Paris are also a little lower. London feed wheat futures were...

Nearby US wheat at Chicago was hit pretty hard overnight with soft and hard red wheat futures falling away. SRW was the biggest loser shedding 18.5c/bu (AUD$10 / tonne) on the September contract. Volume for September is low as most punters have now rolled out of Sept and into...

Trump was at it again overnight, this time making promises to the US farmer about how policy changes will create a giant deal for the ethanol industry increasing corn demand dramatically. Corn futures at Chicago initially rallied on this rhetoric but later gave back any increases and some. With...

Glencore was the cheapest offer against the Egyptian tender on Tuesday. Glencore offered 60kt of French wheat at US$193.86 per tonne FOB France. The cheapest Russian wheat came in at US$199.70 per tonne from Posco International. With the French wheat attracting execution cost of around US$23.70 if came in...