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Grain Market Summary - Wednesday 21st February 2018

Compiled by Aaron Dolin

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OVERALL

  • All ag futures started strongly after the Presidents Day long weekend but could not solidify gains. Only beans were able to hold on for higher. Australian wage data out shorty. The AUD now back below US0.79.                                                                              

WHEAT 

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

Mar 18  (H)

449.25

-8.50

$209.35

 $    (3.96)

471.75

-6.75

602.50

-2.75

May 18  (K)

462.50

-9.00

$215.52

 $    (4.19)

487.25

-6.25

612.50

-3.25

July 18  (N)

478.25

-8.25

$222.86

 $    (3.84)

504.75

-5.75

621.50

-2.75

Sept 18 (U)

495.00

-7.50

$230.67

 $    (3.49)

522.25

-5.50

627.75

-3.25

  • Wheat started the session higher and looked set for another positive finish before profit-taking saw all complexes sold off into the close.
  • US values have been uncompetitive globally on the back of their recent strength, with prices needing to fall much further to keep US inventories moving.
  • Contrary to the above, key hard red winter growing regions in the US will only be getting light rains over the next two weeks, which could continue to support US values.
  • The USDA reported weekly US wheat export inspections of 422.3kmt – coming in-line with trades expectations.

 

CORN

Contract

CBOT (c/bu)

Mar 18 (H)

365.50

-2.00

May 18  (K)

373.75

-1.25

July 18  (N)

381.50

-1.25

  • Corn values edged lower in sympathy with wheat overnight, but values are still sitting around their 6-month highs.
  • The USDA reported weekly US corn export inspections of 938.1kmt – slightly below trades expectations.
  • This week’s export numbers were another 200kmt below last year’s number, with exports running nearly 8mmt behind overall.

 

OILSEEDS    

Contract

CBOT Soybeans (c/bu)

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (Euro/t)

Mar 18 (H)

1026.50

+5.00

505.30

+2.20

May 18   (K)

354.00

+2.00

May 18  (K)

1037.50

+5.00

511.30

+3.10

Aug 18   (Q)

350.00

+1.50

July 18  (N)

1047.00

+4.75

515.70

+2.00

Nov 18   (X)

353.25

+1.25

  • The dryness in Argentina continues to drive both global soymeal and soybean values.
  • The USDA reported weekly US bean export inspections of 960.7kmt – coming in-line with trades expectations.

 

OTHER

 

 

 

AUDUSD

0.7885

-0.0030

AUDCAD

0.9975

+0.0029

CRUDE (H)

61.90

+0.22

  • The AUD continues to be sold off as global investors continue to buy back in to the USD. Wage data out this morning could move the currency depending on the outcome.
  • The ASX200 (^AXJO) rallied late in the session yesterday to close slightly below unchanged, after being more than 40 points lower through the day. Miners are again in the spotlight (CommSec TV).
  • The Baltic Dry Index (BDI) rallied 30 points higher overnight to close out on 1117.

 

SPREADS

 

Close

 

Close

 

Close

WK8 - WH8

13.25

-0.50

KWH8 - WH8

22.50

+1.75

MWH8 - WH8

153.25

+5.75

WN8 - WH8

29.00

+0.25

KWK8 - WK8

24.75

+2.75

MWK8 - WK8

150.00

+5.75

WU8 - WH8

45.75

+1.00

KWN8 - WN8

26.50

+2.50

MWN8 - WN8

143.25

+5.50

WH8 - CH8

83.75

-6.50

KWH8 - CH8

106.25

-4.75

KWK8 - CK8

113.50

-5.00

 

Have a great day!

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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