AWB market update

Wheat was lower in Chicago trading at last night's close.

Wheat futures traded in the red, with December wheat edging towards the bottom end of the recent range. Traders are looking towards the USDA report due out Thursday for world supply and ending stock figures although no major revisions are expected. Egypt issued another tender, the fifth in two weeks.

Chicago wheat for Sept 2013 is 6 ¼ cents higher at 628 ¾ US cents a bushel.

Corn futures traded lower at last night's close. There is some concern that warm and dry conditions are continuing, as this will speed up crop maturity. September corn traded sharply lower as stronger levels of supply come in and put downward pressure on corn. South Korea has purchased 263,000 tonnes since last Friday from various buyers.

Chicago corn for Sept 2013 is 14 ¼ cents lower at 477 ¼ US cents a bushel.

Canola contracts closed slightly firmer on Monday, but the November contract failed to stay above the $500 key support level. Trading was nervous ahead of the USDA report on Thursday which should give a better indication of the size of the US soybean crop. It still looks as though the Canadian canola crop will be a record harvest.

Winnipeg Canola for Nov 2013 is $0.80 higher at $499.00 Canadian dollars per tonne.

The Australian dollar is currently trading at 0.9224 USD.