AWB market update

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Wheat finished marginally lower at last night's close.

Wheat was higher for most of the day but couldn't sustain the momentum. It was reported the Black Sea region will have a smaller crop for 2014 which remains a concern. Morocco's latest tender was passed in without a bid.

Chicago wheat for Dec 2013 is 1 ¼ cents lower at 693 ½ US cents a bushel.

Corn also finished lower at last night's close. It was reported that China was a heavy buyer of US corn which sparked aggressive selling that pushed the market lower on the day. Trade estimates for October USDA production report (which will not be released this week) were seen as supportive for corn prices as they predict a reduced level of production as a result of contracted acreage.

Chicago corn for Dec 2013 is 7 ½ cents lower at 441 ¾ US cents a bushel.

Canola finished slightly higher at last night's close. The record harvest continues to roll on with some concerns around lack of storage still being a factor. 70% of the harvest has been completed after favourable weather conditions, with yields being good currently.

Winnipeg canola for Nov 2013 is $4.40 higher at $83.0 Canadian dollars per tonne.

The Australian dollar is currently trading at 0.9419 USD.

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