The punters at Chicago didn’t like the look of the US weather map. Forget about the Black Sea Corridor it’s about to get hot in the US corn belt. Forget that it’s about to get hot for the first time this season, forget that many of the drier regions...

I checked the markets before heading to bed last night. The forums were all talking about how Russia had formerly withdrawn from the Black Sea Grain Initiative and how this was going to push the wheat market limit up in the morning. To get up and see that the...

US wheat futures were higher in all grades overnight. The lack of a confirmation from Russia supporting an extension of the Black Sea Grain Corridor and increasing concerns about dry weather in Canada and ongoing dry in parts of the USA were all too much for the punters to...

Funds were net buyers of wheat, corn and soybean futures at Chicago overnight, taking advantage of sharply lower futures after the USDA WASDE reported weighed on the market in the previous session. Immediately after the report was published there were numerous US analyst already calling the estimated average yield...

A few things to look at this morning, these include the Chinese extending their decision to remove or reduce import tariffs on Australian barley. A USDA World Ag Supply and Demand Report and reports that the UN has folded and offered SWIFT access to Russia (in a form) in...

Global wheat futures markets were generally higher overnight. Paris milling wheat joined the push from the US and closed E2.75 higher in the Dec 23 slot. There were also good gains in both the Paris rapeseed and Winnipeg canola futures contracts. The Feb24 Paris rapeseed contract gained E5.75/t. That's...

Chicago soybeans were the surprise in overnight trade, closing 27c/bu (AUD$14.86) higher @ US$1352c/bu (AUD$744.10) in the Jan 24 slot. Soybeans leant support to the oilseed complex resulting in better closes at both Paris for rapeseed futures, and at Winnipeg for canola futures. Taking the move in the AUD...

Harvest pressure in the US capped the wheat futures market there. The HRWW contract at Chicago took it the hardest as it had rallied as much as the spring wheat contract since Monday but is also the grade in the middle of harvest. Spring wheat has a way to...

There’s a saying in the US grain futures market, “the bulls need feeding every day”. This simply means that a rally needs constant bullish news to sustain it. The dry weather in Canada, the potential destruction of a nuclear power plant in Ukraine, the possible abandonment of the Black...

The jump in US wheat futures overnight was attributed to both poor crop ratings in the US along with a slow harvest pace, as well as developments in the Russia / Ukraine war. With just 37% of the US winter wheat crop in the bin it is starting to...