US wheat futures stumbled a little as managed money pulled the pin on ags. It looks like the short covering that supported this market has evaporated and now it’s just the odd punter setting up prior to the USDA report due out on the 8th. Soft red winter wheat...

The AUD has slipped again in overnight trade. Starting the session at 80.40 it trended lower to close at 79.32, not the 72c close we are all hoping for but a move in the right direction. ANZ analyst Daniel Been has been quoted as saying that once rate differentials...

We have a few reports out next week that may breathe some life into US futures markets. On the 8th we have the USDA  supply and demand report and on the 5th we see the StatsCan stocks report for the end of December. Neither are expected to hold any...

It appears that the trade shorts that needed to be reeled in have been bought back over the first half of the week. Last night US futures were generally lower, market wires are saying the 10day+ outlook for Argentina is for cooler wetter weather, so good for soybeans. I...

Chickpea values in India continue to be volatile but to date have not rallied significantly as the Indian government may have hoped after implementing their import duty. A simple back of the envelope conversion of May NCDEX chickpea futures to a cash at Narrabri equivalent price gives you about...

Is the US wheat market seeing a weather rally, a currency induced wheat rally or a rally based on an uptick in physical exports thanks to the USD weakness. Who knows, it reads as though it’s a combination of the three of the them. The HRW belt remains dry,...

US wheat futures are now back above values prior to the bearish WASDE report that came out mid January. Not much of that has to do with wheat values though according to most reports, it has more to do with currency…. or does it. On the 12th we saw...

Looking around this morning it’s a little like US markets on one side and the rest of the world markets on the other side. It’s probably not that bad but the weaker greenback certainly helped US grain markets overnight. Soft wheat at Chicago was up AUD$5.23 per tonne but...

Sorghum FOB New Orleans was offered at US$205.30 for March transfer late last week. Destined to China this would cost roughly US$44 per tonne in a Panamax vessel (57kt). So the back of the envelope calculation would land US sorghum in China at about US$249. The ocean rate from...

Chickpeas continue to be extremely volatile. Over the weekend there was talk of Narrabri packer bids as high as $660, yesterday we saw bids for the No1 grade at $640 delivered Narrabri and less into many other locations. Could the fact be that we are simply seeing the trade...