AWB market update
Wheat closed higher Friday night. Higher protein wheat demand in the northern hemisphere and a lower than expected Russian crop this year has contributed to the price.
Morocco is also tendering to buy 330,000mt of wheat from the EU. Australian Crop Forecasters (ACF) released new wheat figures that large yields in Southern areas will offset the smaller northern crop.
Chicago wheat for December 2013 is 6 ¾ cents higher at 692 ¼ a bushel.
Corn closed lower Friday night. As the harvest progresses, the market saw selling pressure continue on Friday. South Korea passed up tenders which added to the pressure. The EPA rumours concerning the dropping of the amount of corn-based ethanol that would be required for blending in 2014 could be diminishing following a recent statement by the EPA that they have not yet made a decision. Reports of higher U.S. yields and good weather continue which has added to the bearish tone.
Chicago corn for December 2013 is 5 cents lower at 433 ¼ cents a bushel.
Canola finished lower Friday night. Canola continues to be under pressure from Northern Hemisphere harvest. Weather conditions look decent in the U.S. this week which resulted in mainly bearish news.
Winnipeg canola for November is $7.60 lower at $479.40 Canadian dollars per tonne.
The Australian dollar is currently trading at 0.9435 USD.
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