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...

With US weekly corn sales at 1.88mt, more than double the highest trade estimate, it was surprising to see futures only move 1c/bu. Some weather delays in the second crop sowing in Brazil should have also been supportive. US soybean sales were also better than expected at 1.24mt, double...

The trend in international markets at the moment is building wheat stocks. Last night Strategie Grains reduced EU exports for this season by 750kt, to a five year low. StratGrain is one of the lowest estimates at present at 21.6mt for EU exports, the IGC are still dreaming at...

US corn and soybean futures closed higher overnight. Corn basically got a leg up from soybeans but also some short covering. Soybeans were firmer on the back of a good US crush number for December. With the higher crush number also comes higher soy oil stocks though which in...

It’s a holiday in the USA, so there’s not much news to prompt the international market this morning. This might be an opportune time to take another look at what is hurting us the most at present, other than the weather. The Aussie dollar continues to firm, topping out...

The USDA World Ag Supply & Demand report was out last night. The winner was soybeans, corn down nothing and US wheat futures, well they were hammered. With the pace of US exports being abysmal at best this was generally expected but let’s have a quick look at the...