It was a sea of red out there in the futures markets last night. One can only assume the funds were happy to extend their now record short position in many commodities. The weakness wasn’t restricted to just the synthetic market, cash prices out of the US Pacific Northwest...

It’s hard to be optimistic at present. I was half thinking it may have turned out to be a sell the rumor, buy the fact type of WASDE response, but it appears to be a sell the rumor / sell the fact / sell everything kind of response. Grains...

EU soft wheat production is expected to fall further than initially expected as the French crop is showing signs it could be much worse than originally thought. After a very wet season across France, that hindered all phases of crop development, from sowing to harvest, the projection is for...

US wheat futures continued down the path of least resistance last night, all three major grades closed lower. Cash values out of the Pacific Northwest were also lower, HRWW and Club White wheat out of the PNW now the same price. Not a great thing to see when one...

US and EU wheat futures clawed back some of the big loss in the previous session. The move higher at Chicago were less than convincing though. Wheat there somewhat weighed down by the sharp decline in soybean futures. Corn was lucky to escape, CBOT corn futures mainly flat to...

US wheat futures closed sharply lower overnight dragging both Paris milling wheat futures and London feed wheat futures lower. Corn and soybean futures at Chicago were also lower, both commodities suffering double digit declines by the close. November 2024 soybeans closed over 30c/bu (AUD$16.50) lower. This had a negative...

Further declines in EU wheat condition supported world wheat prices overnight. French soft wheat condition was estimated at 58% G/VG, this is back 2pts on last week and much lower than the 81% rating a year earlier. The percentage of the crop in a very poor state also increased...

The US was on holidays last night. The trend will be for most market participants in the US to take Friday off and make a long weekend of it, so we shouldn’t expect to see much action out of the US tonight either. As a guide the Paris milling...

Paris rapeseed futures were again the clear winner in overnight sessions. The Feb 2025 slot closed €7.25 higher at €510.75 / tonne. Chicago beans were a little higher by the close, up 9c/bu (AUD$4.93/t). Strength in both US soybeans and Paris rapeseed pulled the Winnipeg canola contract higher, the...

The big winner in last nights futures markets was ICE canola futures at Winnipeg. The move in AUD per tonne, taking variations in the AUD / CAD into account, is equivalent to roughly AUD$27.90 per tonne. This is a much larger move than the Paris rapeseed contract too, which...