Soybeans gained one percent and wheat eased about one percent. The Australian dollar has eased 4pc in a fortnight. It firmed a little in night trade but closed lower than previous day.
- Chicago December 2024 down US8.5 cents per bushel to US562.5c/bu;
- Kansas Dec 2024 wheat down 5.75c/bu to 578c/bu;
- Minneapolis Dec 2024 wheat down 6.25c/bu to 622c/bu;
- MATIF wheat Dec 2024 down €4/t to €227.25/t;
- Corn Dec 2024 up 2.75c/bu to 420.75c/bu;
- Soybeans Nov 2024 up 15.5c/bu to 1079.5c/bu;
- Winnipeg canola Nov 2024 up C$1.10/t to C$671.70/t;
- MATIF rapeseed Nov 2024 up €0.75/t to €493.50/t;
- ASX Jan 2025 wheat unchanged at A$347/t;
- ASX Jan 2025 barley down A$0.90/t to $A303/t;
- AUD dollar down 43 points to US$0.6538.
International Markets
Corn and beans gained some ground with more attention turning towards a hot and dry forecast for August across central US. August is the ‘make or break’ month for US beans. With all that being said, row crop conditions across the US have been fantastic so far this season.
Wheat sagged as the market remained focused on the strong day two US Spring Crop Tour yield estimates, and the weekly US sales data was right at the low end of expectations.
The Wheat Quality Council Tour predicted Hard Red Spring wheat yields in northwest and north central North Dakota to be the highest yields since 1994. The day one tour average yield (combined HRS & Durum) was 52.3bpa, but day two was even higher at 52.5bpa. HRS averaged 53.7bpa (USDA were also projecting a record yield of 53.1bpa).
The recent hot and dry spell across Canada is impacting spring wheat and barley prospects. The Sask Ag crop report this week rates the condition of spring wheat at 76pc G-E, down from 90pc just 2 weeks ago but still above average for this time of year at 65pc. Barley was rated 74pc G-E, down from 90pc last week and still well above the 10-year average of 61pc. The forecast for August needs to be watched, with continued hot and dry conditions expected.
The see-saw continued for EU wheat values, the lower production estimates and quality concerns for French, German and Polish crops remained but in the short-term the market turned its attention to slow exports from Europe.
No purchases were reported to be made in the Philippines importer tender for 240k of corn Oct-Dec arrival this week.
Australian Markets
New season wheat and barley is being bid around parity at A$345/t in the Darling Downs, with a $20/t premium for old crop.
Scattered showers yesterday brought rainfall to the southwest of WA where parts received up to 25mm. SA Eyre Peninsula, Yorke Peninsula, Mid North and South East saw showers bring 1-10mm for most parts. The Victorian Western Districts got some light rain that didn’t amount to more than 5mm.
In the west, canola saw a dip yesterday in pricing. The gap between GM and non-GM tightened slightly also. Cereals were relatively unchanged at the close. The east was similar, although the spread to GM remained wide.
The AUD was slightly green after 8 consecutive days of losses on the back of poor economic prospects from China, recent PBoC rate cut, falling commodity prices and strengthening of the US dollar.
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