Technical Tuesday, call it what you will. US wheat futures found the need to recover from Monday’s losses. Although not recovering dollar for dollar a slight recovery was noted. Further strength in the AUD will somewhat counter the move here, the jump in the AUD worth is about -$AUD1.67/t....

US wheat futures were sharply lower in overnight trade. Hard red winter wheat lead the market lower, shedding 27.5c/bu on the nearby and 25.25c/bu in the December 23 slot. Minneapolis spring wheat wasn’t far behind with Chicago soft red winter wheat falling roughly AUD$11.26, the move likely to be...

Argentina is expected to see some good storms over the next few days. We all know one rain event doesn’t break a drought. 40mm of rain will not correct the damage done to summer crops after weeks (some places months) of hot dry weather, but it should improve, or...

Tunisia picked up 125kt of durum for Feb – April delivery at US$492.40. The majority was purchased from Italian trading house Casillo with one boat load coming from Viterra and Amber. Tunisia’s economy has suffered a number of economic and political setbacks in recent times, 3 years of drought...

Paris rapeseed futures were sharply lower in overnight trade. The nearby Feb 23 contract shed E17.75 per tonne (AUD$27.61). A slight decline in the value of the AUD might help, the AUD reduction resulting in a day-to-day conversion decline of just over AUD$22 per tonne. US soybean futures at...

In the USA good weekly corn and soybean export inspection numbers helped keep the rally alive in the row crops. Wheat futures at Chicago appeared to be a follower of the row crops enjoying a free ride higher. Corn futures at Chicago also found good support from the deteriorating...

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...