Corn futures at Chicago briefly broke through US$6.00 per bushel (AUD$304.70/t) overnight before retreating to close at 590c. We haven’t seen numbers that high since July 2013. In 2012 the US had some serious issues with corn production and the July 2013 contract was the last old crop corn...

Chicago corn, soybeans and wheat futures were all higher in overnight trade. The weaker US dollar had a bit to do with it, contributing roughly AUD$3.00 to a AUD$9.00 rally in nearby SRW wheat. The rally was fuelled by dry conditions in the US spring wheat belt and cooler...

Argentine sorghum for May / June movement is offered at US$220 port. Using China as a home this number roughly equates to around an equivalent delivered Newcastle port number of about AUD$340. At the moment the trade appear to be happy to keep local Australian values closer to AUD$295...

The march higher in US grain futures was put on a break overnight with corn, wheat and soybean futures all closing in the red. The punters appeared to have built a significantly long position in all three grains and a round of technical selling / profit taking was the...

US wheat futures moved higher, corn futures were flat while Chicago soybeans shed AUD$5.90 / tonne on the nearby contract. Weakness in soybean futures spilled over to a little profit taking in both ICE canola futures and Paris rapeseed, both exchanges posting slightly lower closes on the nearby. The...

Looking through the raft of international business that has been reported this week one can’t help but think that many major consumers have taken advantage of the recent decline in wheat values. Algeria started the week booking 30k of milling wheat at US$280 CFR.  The product was purchased on...

Nearby futures for ICE canola defied the lower close in Chicago soybeans and put on another C$15.30 per tonne for the May slot, I’d hate to be caught short on that contract, it’d be starting to get a little hard to sleep at night. New crop ICE canola was...

US wheat futures were slightly lower in overnight trade. Cash bids out of the Pacific Northwest of the US followed the futures market with bids for HRWW slightly lower, bid at US$262 FOB. Indicating that Australian APW is still attracting about a AUD$15 premium over HRWW. Looking at the...

US futures bounced back from the profit driven session on Thursday. Soybeans at Chicago lead the way and as usual assisted the ICE canola contract higher. The July slot rallied C$24.60 to C$726.20 per tonne. Cash bids for canola across SW Saskatchewan followed the futures market higher with a...

It was all negative overnight, with US futures markets closing in the red. Chicago corn, soybeans and wheat were all lower by the close. The pressure, although still speculative, came from expectations of an increased area of US corn and soybeans in tonight USDA report. Wheat was basically just...