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Grain Market Summary - Tuesday 24th April 2018

Compiled by Tracey Vaughan

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OVERALL

 

The Australian dollar dipped to 76 cents overnight, the weakest level we have seen since mid December last year.

 

WHEAT 

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

May 18  (K)

461.50

-1.75

 $   222.92

 $    (0.85)

483.25

+0.50

588.00

-12.00

July 18  (N)

474.50

-2.75

 $   229.20

 $    (1.33)

502.75

+0.75

595.00

-10.75

Sept 18 (U)

493.25

-2.50

 $   238.25

 $    (1.21)

520.50

0.00

602.00

-9.50

Dec 18 (Z)

517.75

-2.25

 $   250.09

 $    (1.09)

546.25

-0.50

615.25

-7.25

  • While weather markets in the US are a continued focus for grain markets, in order to break new ground to the upside we will require a supply issue elsewhere in the world.
  • Currently the EU is looking dry and unfortunately so is Australia. However, more so on the East Coast after WA’s scattered showers over the weekend.
  • EU and in particular Black sea wheat continues to trade at massive discounts to Australian which further hampers demand in addition to the large carryout we will have.
  • More favourable weather in the Northern Plains of the US led to Minneapolis wheat futures retreating further overnight.

 

CORN/ FEED GRAINS

Contract

CBOT (c/bu)

May 18  (K)

378.50

+2.00

July 18  (N)

387.50

+2.00

Sept 18 (U)

395.00

+2.00

 

  • The area of Brazil where the safrinha crop (second corn plant) grows is dry and expected to stay that way.
  • Feed barley is trading at a premium to milling wheat in France, the Black Sea and Australia.

 

OILSEEDS    

Contract

CBOT Soybeans (c/bu)

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (Euro/t)

May 18  (K)

1020.75

-8.00

539.20

+4.40

May 18   (K)

340.50

+0.50

July 18  (N)

1032.25

-8.00

536.00

+2.20

Aug 18   (Q)

343.00

0.00

Sept 18  (U)

1030.75

-6.75

521.30

+1.40

Nov 18   (X)

348.25

0.00

  • Canadian canola futures rose on the back of a weakening Canadian dollar.
  • Rumours of China replacing the recently tariffed soybeans with canola led to soy continuing it’s fall overnight.

 

OTHER

 

 

 

AUDUSD

0.7607

-0.0060

AUDCAD

0.9773

-0.0014

  • US treasury yields rose, helping support the USD and in turn, depreciating the AUD.
  • ANZ expect CPI data released today will have little impact on the ability of inflation to raise the AUD.

 

SPREADS

 

Close

 

Close

 

Close

WN8 - WK8

13.00

-1.00

KWK8 - WK8

21.75

+2.25

MWK8 - WK8

126.50

-10.25

WU8 - WK8

31.75

-0.75

KWN8 - WN8

28.25

+3.50

MWN8 - WN8

120.50

-8.00

WZ8 - WK8

56.25

-0.50

KWU8 - WU8

27.25

+2.50

MWU8 - WU8

108.75

-7.00

WK8 - CK8

83.00

-3.75

KWK8 - CK8

104.75

-1.50

KWN8 - CN8

115.25

-1.25

 

  • Spreads continue to firm with the poor conditions across the key US wheat growing regions pushing the nearby closer to new crop numbers.

 

 

Thank you for reading. To subscribe, please send me an email at adolin@plumgrove.com.au with "Subscribe" in the subject line.

Aaron Dolin

 

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These prices may have changed.

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