AWB market update

Wheat finished lower at the close. Dragging the price down was news that wheat stocks in India are well above the targeted volume, causing speculation that there may be large parcels come into the market.

Australia featured in the market giving support to prices, to the detriment of NSW and VIC producers though as frost set in on Wednesday night.

Chicago wheat for December 2013 is 5.25 cents lower at 696.50 US cents a bushel.

Corn was down at the close last night. Putting pressure on the market was the weather forecast for US Mid-West indicating that harvest is likely to accelerate in the coming weeks. Supporting corn were reports of large volumes of exports out of the US.

Chicago corn for December 2013 is 2.50 cents lower 440.25 US cents a bushel.

Canola closed weaker overnight. Pressure from Chicago soy oil, Malaysian palm oil and European rapeseed futures were all contributors to this. Adding to this was an increase in farmer selling, along with expectations of a large South American soybean crop.

Winnipeg canola for November is $4.30 higher at $489.10 CAD per tonne.

The Australian dollar is currently trading at 0.962 US cents.