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Market Summary - Wednesday 20th March 2019

Compiled by Hayley Hobbs

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OVERALL

 

  • A quiet night for markets saw most bourses drift lower with Minnie the only exception closing 4.5c/bu higher in the nearby. The AUD has slipped back below 0.71 cents as the market lacked direction ahead of tomorrow’s FOMC announcement.

 

WHEAT 

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

May 19 (K)

456.50

-0.25

$237.32

+1.11

435.75

-0.75

565.25

+4.50

July 19 (N)

462.75

-0.75

$240.57

+0.86

445.00

-1.00

563.25

+1.25

Sept 19 (U)

471.25

-0.75

$244.99

+0.89

457.00

-1.50

568.25

+0.75

Dec 19 (Z)

486.25

-0.50

$252.78

+1.06

477.25

-1.75

580.50

+0.50

 

  • With no new inputs to trade on Kansas and Chicago drifted lower. Minnie higher on buying activity due to suggested planting delays.
  • The condition of the HRW crop continues to remain above the 5 year average with no moisture deficits in sight. In the past ample moisture has led to increased crop size but a reduced protein profile.
  • The rail bottleneck caused by adverse weather in the PNW continues.
  • The Ukrainian government says 90% of its winter grains crop is in good/satisfactory condition.

 

CORN & BARLEY

Contract

CBOT (c/bu)

May 19 (K)

371.25

-0.25

July 19 (N)

380.75

0.00

Sept 19 (U)

387.50

0.00

Dec 19 (Z)

395.25

+0.50

 

  • Corn yo-yoed throughout the session to settle more or less unchanged as the market waits to see what weather events will unfold.
  • Most weather maps detail 1 or 2 major rain events to move across the center of the US next week which will likely result in increased mentions of corn planting delays, especially given the current water logged condition of paddocks which is preventing field work.

 

OILSEEDS    

Contract

CBOT Soybeans (c/bu)

Contract

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (Euro/t)

May 19 (K)

904.00

-1.75

May 19 (K)

464.50

-1.80

May 19 (K)

356.00

+1.50

July 19 (N)

917.50

-1.75

July 19 (N)

472.40

-2.10

August 19 (Q)

358.75

+1.50

August 19 (Q)

923.75

-1.75

Nov 19 (X)

484.80

-1.20

Nov 19 (X)

363.25

+1.25

 

  • Comments from the American Secretary for Agriculture that details surrounding Ag are cemented in the new trade deal with China and it is other areas that need agreeing upon did little to excite the soybean markets. The market (at least for today) demands finer details before it will sway values.
  • The losses to China’s pig herd due to ASF have been significant with some implying it will take up to four years to recover the herd size. This is bad news for feed demand if true as it means world soybean stocks will build year on year due to reduced demand.

 

OTHER

Contract

 

 

AUDUSD

0.7069

-0.0039

AUDCAD

0.9426

-0.0054

AUDEUR

0.6227

-0.0039

CRUDE (K)

59.29

-0.09

 

  • The AUD slipped lower as trade uncertainty surrounding the deal between China and the US resurfaces.
  • The FOMC committee is due to release their latest economic forecast today in which it is expected there will be slower/no further policy tightening compared to December’s release.

 

SPREADS

 

Close

Change

 

Close

Change

 

Close

Change

WN9 - WK9

6.25

-0.50

KWK9 - WK9

-20.75

-0.50

MWK9 - WK9

108.75

+4.75

WU9 - WN9

14.75

-0.50

KWN9 - WN9

-17.75

-0.25

MWN9 - WN9

100.50

+2.00

WZ9 - WK9

14.75

-0.50

KWU9 - WU9

-14.25

-0.75

MWU9 - WU9

97.00

+1.50

WK9 - CK9

85.25

0.00

KWK9 - CK9

64.50

-0.50

MWK9 - CK9

194.00

+4.75

 

HAVE A GREAT DAY!

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