AWB market update

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Wheat was higher in Chicago trading at Friday's close.

Traders have noted that futures have been oversold ahead of the weekend. US export sales are up by 21% week on week with a major sale to Brazil of 197,000 tonnes. Egypt purchased one cargo from the Black Sea in their latest tender. The Canadian wheat stocks were decreased to 5.1 million down from 5.9 million tonnes a year ago.

Chicago wheat for Sept 2013 is 7 ¾ cents higher at 635 US cents a bushel.

Corn futures traded lower at Friday's close. The US harvest is gaining pace, which leans to towards being negative for market direction as demand channels refill with supply. The slowdown in export sales continues with 372,000 tonnes needed to reach the USDA forecast. South Korea was in the market overnight and looking to purchase 60,000 tonnes of optional origin.

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Chicago corn for Sept 2013 is 2 cents lower at 491 US cents a bushel.

Canola was dramatically lower, breaking through the psychological support barrier at the close on Friday night. The Canadian dollar appreciated against the US dollar after better than expected employment figures, which is bearish for Canola as it eats into crush margins and makes exports less attractive.

Winnipeg Canola for Nov 2013 is $10.60 lower at $498.20 Canadian dollars per tonne.

The Australian dollar is currently trading at 0.9196 USD.

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