AWB market update

Wheat futures were traded lower yesterday. The wheat harvest in Russia is 65% done at 31 mill tonnes up from 24.7 mill t same time last year. Wheat stocks held in Indian Government warehouses as at the 1st August is 40.4 mill t well above the target indicating that India is likely to have more grain to export. The August USDA report is out on Monday and ahead of this Traders are trimming their short positions. Chicago wheat for Sept 2013 is 7 cents Lower at 643 ½ US cents a bushel. Corn futures traded lower last night. With the USDA report out on Monday there was heavy profit taking helping to support the market. South American and Black Sea corn remain cheaper than US corn by 80 USc/Bu or USD/ethanol production was up by 2% and up 4.4% on last year. Chicago corn for Sept 2013 is 4 cents Lower at 468 ¼ US cents a bushel The uncertainty in the weather remains a concern in western Canada with the possibility of frost damage pre harvest being watched closely. The market was slightly higher as sellers sat on their hands after the belting they have taken in the past couple of weeks. Winnipeg Canola for Nov 2013 is #2.70 higher at 478.20 Canadian dollars per tonne The Australian dollar is currently trading at 0.8994USD.