US Markets Show Strength; Pre-WASDE Expectations and Global Developments
Overview:
- US Hard Red Winter Wheat: Gained 3%, driving overall market firmness.
- Chicago December 2024: Increased by 10 cents to US$5.95/bu.
- Kansas Dec 2024 Wheat: Climbed 18 cents to US$6.0175/bu.
- Minneapolis Dec 2024 Wheat: Rose 8 cents to US$6.375/bu.
- MATIF Wheat Dec 2024: Increased by €2.25/t to €231.75/t.
- Corn Dec 2024: Up 3.5 cents to 410.75 cents/bu.
- Soybeans Nov 2024: Rose 0.75 cents to 1067.75 cents/bu.
- Winnipeg Canola Nov 2024: Climbed C$4.30/t to C$622.20/t.
- MATIF Rapeseed Nov 2024: Decreased by €1.25/t to €482.50/t.
- ASX Jan 2025 Wheat: Down A$2/t to A$350/t; Barley unchanged at A$303.90/t.
- AUD Dollar: Rose by 13 points to US$0.6760.
International Developments:
- Pre-WASDE report market sentiments indicate expected adjustments in ending stocks for various crops globally and in the US.
- Recent news of Ukraine seizing a vessel from Russian-occupied Crimea led to short-covering in the futures markets.
- Mixed weather conditions in Russia affecting winter wheat and spring crops; potential impact on yields.
- France expects lower soft wheat exports due to wet spring affecting yield and quality.
Macro Factors:
- Australian dollar strengthened to US$0.6800 amid US inflation data suggesting management success.
- US June inflation down to 3.0% annually, slightly below expectations.
- US jobless claims at 222k, a decline from the previous month.
Australia:
- Western Australia sees unexpected demand for current crop wheat into The Philippines, tightening local balance sheets.
- New crop canola bids lower by A$5-10/t at A$790/t FIS; wheat bids remain steady at A$370/t and feed barley at A$330/t FIS.
- East Australia’s market shows stabilization after recent declines in canola prices.
- Recent rainfall in Victoria benefited parts of the growing belt, with more expected.
Global Agriculture and Economic Outlook:
- Argentina’s wheat crop estimated at 20.4Mt, down 2.4% due to reduced acres.
- Crude oil prices rose as expectations of US rate cuts spurred buying activity.
For more detailed insights into today’s market movements and global agricultural updates, stay tuned for further developments.
Error
