AWB market update

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Wheat was higher at last night's close. This was on the solid export news from China and Brazil, who are expected to raise their levels of imported wheat from the US. News from China is that they are expected to import an additional 7.5 million tonnes of wheat. US spring wheat is 93% harvested, whilst winter wheat sowing is 23% complete. Indian above average monsoonal rains could see yields rise.

Chicago wheat for Dec 2013 is 7 ¼ cents higher at 653 ½ US cents a bushel.

Corn was higher at last night's close. The market was trading lower for most of the session. Mexico purchased 197,200 tonnes from the US, provided some support for the market. Traders are concerned with the oversold condition of the market and some traders see the possibility of a short covering bounce ahead of the USDA Stocks report.

Chicago Corn for Dec 2013 is 2 ¼ cents lower at 453 ¼ US cents a bushel.

Canola was lower at last night's close. As this record Canadian canola harvest continues, farmers are actively selling as available storage becomes an issue. Traders are keeping a weather eye on the harvest as the risk of frost damage is still a concern. The Canadian dollar still remains a problem as it continues it strengthening against the US dollar.

Winnipeg Canola for Nov 2013 is $5.90 lower at $478.10 Canadian dollars per tonne.

The Australian dollar is currently trading at 0.9418 USD.

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