The US had a day off yesterday, Martin Luther King Jr remembrance day. The EU markets generally trended lower, corn, wheat and rapeseed at Paris all closing in the red. The pressure may spill into the US markets when they open again. Much of Friday’s support at Chicago was...

The prospect of a little rain across Kansas next week didn’t dampen the rally in HRWW futures at Chicago. Even cash prices out of the Pacific Northwest were higher by just under AUD$3.00 at the FOB level. The forecast remains poor for much of Oklahoma and Texas though. With...

The WASDE report for January is out. Firstly, I’ll look through wheat. World opening stocks were increased by 550kt. Not as much as some had expected to see given the poor weekly sales and export numbers from both the US and Argentina. World production was pegged at 781.31mt an...

Paris milling wheat futures, like Chicago, are now running a net short position. Although Paris closed E2.50 higher on the nearby it may take more than one session to correct this. With the USDA WASDE report out tonight we may see a little volatility if the report does more...

The January USDA World Ag Supply and Demand Estimates report is due out on the 12th US time, so we’ll see the data here on the 13th, Friday……. Black Friday….. Most the punters are talking increased wheat production estimates for both Russia and Australia in this report, so I...

Winnipeg canola futures and Paris rapeseed futures were both sharply lower in overnight trade. Combine this move lower in oilseed futures with a rally in the value of the AUD and there is the perfect storm for some downside in local canola prices today. Paris basis is the best...

US wheat futures were mixed, SRWW and spring wheat were softer at the exchanges and the PNW, while HRW was higher at the exchange and out of the PNW. The punters are backing a little winter kill in the US. Kansas hasn’t got a lot of snow cover to...

The rally in US wheat futures and Paris rapeseed are the two major moves overnight. Paris rapeseed pushed higher, the nearby contract at one stage reaching a high of E577 before settling at E572.75, a nice E16.50 rally in the Feb 23 slot. In Aussie dollar terms this is...

Winnipeg canola futures found some support from a rebound in Chicago soybean futures. CME beans closed +17.75c/bu on the nearby, about AUD$9.80 per tonne. By the close ICE canola was up C$6.00 on the January slot. The stronger finish was not reflected in the Paris rapeseed contract. Paris closed...

International grain markets continue to worry about the potential of a global recession and the impact a recession will have on demand. This is tending to force those on the fence to be more bearish than bullish. Fund and tech shorts continue to be the most favourable position at...