AWB market update

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Wheat was higher at last night's close, the market is up 40 ½ US cents from last week's lows.

Strong wheat sales are underpinning the market, with weekly export sales at 620,000 metric tonnes which was higher than expected. South Korea purchased 55,000 tonnes of feed wheat in a tender and Morocco has issued a tender for 400,000 tonnes of EU wheat and 373,000 tonnes of US soft wheat.

Chicago wheat for Dec 2013 is 1 ¾ cents higher at 678 ¼ US cents a bushel.

Corn was higher at last night's close. Short term weather shows drier conditions in the US mid-west with the long term weather modelling showing an early freeze, which is bullish for prices. Corn sales stand at 44.5 % of the USDA forecast vs. a five year average of 38.30%. The IGC has lowered their world production forecast for the 2013/2014 season to 943 million tonnes done 2 million tonnes.

Chicago Corn for Dec 2013 is 2 cents higher at 456 ¾ US cents a bushel.Canola was lower at last night's close. The record canola harvest continues to put pressure on prices. Purchasing by crushers and exporters limited the downturn in prices. Activity was up and down as traders took positions ahead of the USDA report due for release on Monday.

Winnipeg Canola for Nov 2013 is $1.70 lower at $483.20 Canadian dollars per tonne.

The Australian dollar is currently trading at 0.9365 USD.

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