AWB market update
Wheat was higher at last night's close, the market closed up a full 12 ¼ cents, the highest since August 2.
It is anticipated that China and Brazil will purchase more grain and this has supported the increase in grain prices overnight. In addition there are concerns that frost damage in Argentina and dry conditions in Canada and Australia are also causing some problems.
Chicago wheat for Dec 2013 is 12 ¼ cents higher at 670 ½ US cents a bushel.
Corn was higher at last night's close. Corn followed wheat higher on the lack of any other significant news. Short term weather shows drier conditions in the US mid-west with the long term weather model showing an early freeze which may harm some late planted corn. Ethanol production was down slightly 0.72% versus last week and 2.84% from last year.
Chicago Corn for Dec 2013 is 6 cents higher at 454 ¾ US cents a bushel.
Canola was higher at last night's close. Positioning ahead of next Monday's USDA quarterly stocks report saw markets slightly higher. Anticipated harvest pressure has resulted in Canadian farmers selling ahead of the record crop, in order to capture the higher prices. The technical bias is pointed to the downside as it is expected a record harvest will put pressure on prices.
Winnipeg Canola for Nov 2013 is $4.80 higher at $484.90 Canadian dollars per tonne.
The Australian dollar is currently trading at 0.9365 USD.
Get the latest news from thewest.com.au in your inbox.
Sign up for our emails