AWB market update

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Wheat finished lower overnight. The US Congress has reached a deal to extend the debt limit and vote to reopen the government which saw an increase in the US Dollar and downward pressure on wheat and other commodities. Increasing competition from India, Australia, and the Black Sea region coupled with the announcement from China that they will be reducing their imports contributed to the pressure.

Chicago wheat for December 2013 is 4 ¼ cents lower at 681 ½ a bushel.

Corn finished slightly lower last night. Throughout the session upward pressure for prices was seen off the back of Chinese rumours of a 300,000t+ purchase of US corn for a March/May delivery, but a continuing positive US harvest pulled the price lower for the first time in three sessions.

Chicago corn for December 2013 is ¾ cents lower at 442 ¾ cents a bushel.

Winnipeg canola finished higher last night. The price was helped by higher Chicago soy prices and solid end user demand together with a lack of farmer selling which continues to support the price.

Winnipeg canola for November is $6.30 higher at $483.70 CAD/t.

The Australian dollar is currently trading at 0.9550 US cents.

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