AWB market update

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Wheat, following a week of almost erratic movement, finished slightly higher at the bell on Friday. Whilst export volumes had remained fairly docile with usual purchases continuing, the big news on Friday morning was a tender put out by Saudi Arabia for 660,000 tonnes of hard wheat, though it was noted that US wheat would likely by a little too pricey when compared with wheat from Canada, Russia and Australia.

Chicago wheat for Sept 2013 is 4 cents higher at 634½ US cents a bushel.

Corn moved slightly higher on Friday as well, mirroring the movements of wheat and holding strong despite the expectations for a big new season crop gaining momentum with the market. The crop tour moving through several of the US corn growing states has reported better than expected yields so far, however built into this will be a factor of consideration for the challenging weather conditions ahead.

Chicago corn for Sept 2013 is 8 cents higher at 495½ US cents a bushel.

Canola moved higher on Friday's session, following a surge in values for CBOT soybeans once again, where hot and dry weather forecasts have the market concerned over effects of crop stress. Also aiding canola values were a weaker Canadian dollar and a little speculative buying, though an increase in farmer selling did limit some of the upside in the short-term, as the anticipated large size of the new crop is expected to do in the long-term.

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Winnipeg Canola for Nov 2013 is $6.10 higher at $515.70 Canadian dollars per tonne.

The Australian dollar is currently trading at 0.9030 USD.

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