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...

The AUD moved lower again overnight, a little lower against the USD, but sharply lower against others, like the Yen and Canadian dollar. This may help counter any downward pressure in local values if they choose to reflect the downward pressure from the US markets on Monday. The soft...

Some bargain hunting in the US wheat market was said to stimulate weekly export sales which amounted to about 468kt last week. This beat trade expectations and fuelled some technical trade, resulting in some upside in both SRWW and HRWW futures at Chicago. Cash values out of the US...

Temperatures continue to be very hot across much of Argentina. The NW seeing the mercury well into the 40’s. 14-day precipitation across that region was about 25 – 40mm, we all know what evaporation rates are like with 40C temps. Towards the SE across the Pampas 14 day rainfall...

US corn and wheat futures were generally sideways overnight. Kansas and Minneapolis wheat found some upside, SRWW futures at Chicago were a little lower. The AUD will spoil the conversion today. A sharply higher AUD more than likely to counter any upside in the wheat futures markets in the...

Chicago wheat and corn futures enjoyed some upside last night. Soybean futures were hit hard with news Covid cases in China are climbing quickly. The markets continue to struggle with large case numbers, these case numbers are generally not equating to deaths and less mouths to feed. This has...

The USDA December World Ag Supply and Demand report hit the wires last night. Looking at the projected 2022-23 world wheat carry in and production we see carry in back a smidge to 276.27mt. We see world production is reduced 2.09mt to 780.59mt, imports are higher, domestic consumption lower,...

US soybean closed 14.25c/bu (AUD$7.74/t) higher after a couple of good sales hit the wires. China picked up 118kt of US soybeans and there was another unknown destination sale for 718kt. The strength in US soybeans rolled through to the canola and rapeseed contracts. Winnipeg canola gained C$11.60 on...

USDA report out Friday night. Last night’s rally may well have been technical trade ahead of the WASDE data, don’t be surprised if it’s a sell the fact kind of report. Grain markets have been pushed hard lower over the last month with little new fundamental news fuelling the...

Reading the wires there are still two camps in the wheat market, those that think wheat will continue to fall as the world slips into a recession after the interest rate hikes “do their job” of curtailing “supply” driven inflation. I’m still a little confused about that policy, but...