US wheat futures were hit pretty hard last night. After putting on 100c/bu in two sessions I can’t say this wasn’t a little expected. Technical selling and profit taking will dominate the market with just the slightest rumour of downward potential at these levels. Realistically the wheat market in...

US markets took little notice of some reports suggesting India could relax their recently introduced wheat export ban. History will quickly tell you that India can and do backflip and change direction like the wind. Until we see Indian export sales loaded onto a buyers truck it will be...

The day started strongly when India announced they were to ban future wheat export sales. This took some of the trade by surprise. The portion of the trade it didn’t surprise were still genuinely amazed that India was going to export any wheat at all considering the terrible finish...

Technical support and May22 futures rolling off the board lent some support to the Chicago corn contract overnight. Not a market to be caught short in. Tight world oilseed stocks had the punters back on the buy side pushing Chicago soybeans higher, the Jan23 slot closing at 1499.5c/bu, up...

It was all about wheat in last night’s USDA WADSE report. Before we look at the number let’s just take a second to absorb, inhale if you will, what is a wheat market on fire. Dark northern spring wheat is now priced at US$14.02c/bu, Pacific Port elevator, yes US$515.13...

Technical trade prior to the USDA WASDE report out tonight saw corn, soybean and wheat futures in the USA close higher. Wheat was the undisputed winner in last night’s session, gaining some 2% – 2.5% by the close. Wheat is finding support in the US from continued wet weather...

The USDA will produce their May World Ag Supply and Demand Estimate (WASDE) report on the 12th, so tomorrow night our time. This report is expected to contain all the adjustments created by the Russian / Ukraine conflict. US wheat futures were mixed, the hard and spring wheat prices...

The USDA weekly crop progress report shows just 22% of the US corn crop is in the ground, the 5 year average is 50% and this time last year the US was at 64% sown. There are huge delays in the “I” states, the main corn states. Iowa for...

In the US wheat and corn futures took a breather. Corn performed poorly, slipping significantly in both old and new crop contracts. The most active nearby contract for corn, the July slot, shed 12.75c/bu (AUD$7.09). New crop slots were lower again, back 17.75c/bu for the Dec 22 slot. The...

What the dollar potentially took away yesterday it should hand back today. The AUD fell sharply in overnight trade against all the majors. Looking at the rally in US wheat, +AUD$15.50 / tonne for nearby Chicago SRWW futures and what the fall in currency is worth, +AUD$11.13 / tonne...