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Grain Market Summary - Friday 20th July 2018

Compiled by Aaron Dolin

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OVERALL

  • Ag futures closed higher overnight. Wheat found late support from Black Sea rainfall. Row crops higher in sympathy. The AUD continues to yo-yo around US0.74.                                                                                          

WHEAT 

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

Sept 18 (U)

504.25

+9.75

$251.47

 $6.16

496.50

+8.75

536.75

+8.75

Dec 18 (Z)

520.50

+9.75

$259.57

 $6.20

521.50

+8.50

554.75

+8.50

Mar 19 (H)

536.00

+9.75

$267.30

 $6.24

539.75

+7.75

572.00

+8.75

May 19 (K)

545.75

+9.50

$272.16

 $6.15

549.50

+7.75

582.50

+8.75

  • Wheat futures traded lower through the session before news of heavy rains through parts of Russia and Ukraine pushed values higher.
  • Jordan's state grain buyer made no purchase in its international tender to buy 120kmt of milling-grade wheat overnight.
  • The USDA posted weekly US wheat export sales of 300kmt – coming in-line with trade expectations.

 

CORN

Contract

CBOT (c/bu)

Sept 18 (U)

351.25

+4.00

Dec 18 (Z)

365.00

+4.00

Mar 18 (H)

376.50

+3.75

May 18 (K)

382.75

+3.50

  • US corn values continue to make amends after their recent selloff despite the almost idyllic weather pattern currently hovering over the US Midwest.
  • The Buenos Aires Grain Exchange lowered its domestic corn crop production estimate to 31mmt, 1mmt lower than its previous estimate, with dryness concerns the reason.
  • The USDA posted weekly US corn export sales of 641kmt for old crop and 774.5kmt for new crop – both coming in well above expectations.

 

OILSEEDS    

Contract

CBOT Soybeans (c/bu)

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (Euro/t)

Sept 18 (U)

852.00

+4.00

493.30

+1.40

Aug 18   (Q)

360.50

0.00

Nov 18 (X)

861.50

+3.75

504.90

+1.90

Nov 18   (X)

368.00

+1.00

Jan 19 (F)

871.75

+3.75

504.90

+1.90

Feb 19   (G)

367.75

+0.75

  • Oilseeds again closed higher, thanks to strength in the corn complex.
  • Japan increased its US bean imports for June to 157.5kmt, a 6.2% increase from this time last year.
  • The USDA posted weekly US bean export sales of 252.3kmt for old crop and 613.4kmt for new crop – both coming in-line with expectations.

 

OTHER

Contract

 

 

AUDUSD

0.7368

-0.0039

AUDCAD

0.9773

+0.0021

CRUDE (Q)

69.46

+0.70

  • The AUD traded all over the place over the past 24 hours, finding itself higher on the back of a strong June jobs report early in the session before falling dramatically after President Trumps overnight remarks on the US Federal Reserve.
  • The ASX200 (^AXJO) closed higher for the second consecutive session yesterday, adding 18 points to close out on 6,262.7. Afterpay Touch surged 24% on strong full-year sales results (CommSec TV).
  • The Baltic Dry Index (BDI) fell a further 31 points to close out the session at 1657.

 

SPREADS

 

Close

Change

 

Close

Change

 

Close

Change

WZ8 - WU8

16.25

0.00

KWU8 - WU8

-7.75

-1.00

MWU8 - WU8

32.50

-1.00

WN9 - WU8

31.75

0.00

KWZ8 - WZ8

1.00

-1.25

MWZ8 - WZ8

34.25

-1.25

WK9 - WU8

41.50

-0.25

KWH9 - WH9

3.75

-2.00

MWH9 - WH9

36.00

-1.00

WU8 - CU8

153.00

+5.75

KWU8 - CU8

145.25

+4.75

MWU8 - CU8

185.50

+4.75

 

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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