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Market Summary - Thursday 23rd May 2019

Compiled by Hayley Hobbs

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OVERALL

 

  • A quiet night of correction left markets mixed. Corn was good for fractions, soybeans recovered yesterday’s losses while Minnie was the only wheat class to finish in the green. The AUD is unchanged at 0.6875 this morning.

 

WHEAT 

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

July 19 (N)

472.75

-6.00

$252.74

-3.10

432.25

-3.75

543.75

+0.75

Sept 19 (U)

480.75

-5.25

$257.02

-2.69

443.00

-3.25

552.00

0.00

Dec 19 (Z)

494.25

-4.00

$264.23

-2.02

464.00

-2.75

563.75

+0.50

Mar 20 (H)

507.00

-2.75

$271.05

-1.35

484.25

-2.25

577.00

+0.25

 

  • Wheat was a follower of corn overnight, mimicking early weakness and then clawing back losses but only Minnie made it into the green.
  • The Philippines bought 45k of feed wheat, likely from Australia, in their latest tender. The shipment is due to arrive in September and was rumoured to go for between USD240 – 245/tonne CNF.
  • Black Sea markets were inactive overnight, ending unchanged.

 

CORN & BARLEY

Contract

CBOT (c/bu)

July 19 (N)

394.50

+0.25

Sept 19 (U)

403.75

+1.00

Dec 19 (Z)

412.75

+2.25

Mar 20 (H)

422.75

+2.75

 

  • Corn was down 8c/bu at its worst but recovered to finish higher for the 8th consecutive session.
  • The market took a breather overnight as we wait to see what the US government’s aid package will look like. Depending on the subsidies announced, it could have a significant impact on whether growers persist with trying to plant corn or switch to soybeans.  

 

OILSEEDS    

Contract

CBOT Soybeans (c/bu)

Contract

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (€/t)

July 19 (N)

828.50

+6.50

July 19 (N)

445.80

+3.40

August 19 (Q)

365.75

+0.75

August 19 (Q)

835.50

+6.75

Nov 19 (X)

458.60

+3.90

Nov 19 (X)

369.00

+0.25

September 19 (U)

842.25

+6.75

Jan 20 (F)

464.10

+3.60

Feb 20 (G)

371.25

0.00

 

  • Soybeans rebounded from yesterday’s losses on hopes that rising soybean values in South America might see some demand switch to cheap US soybeans.
  • The USDA released a press statement telling farmers they should plant according to conditions and not on what the media suggests aid packages could look like. The market expects the government to reveal the aid package before the weekend.
  • Chinese crush margins for soybeans are recovering after spending the better half of the last year deep in the red. Sentiment that there will not be a resolution to the trade war any time soon has helped.

 

OTHER

Contract

 

 

AUDUSD

0.6875

-0.0001

AUDCAD

0.9242

+0.0021

AUDEUR

0.6163

+0.0003

CRUDE (N)

61.42

-1.71

 

  • The AUD is all but unchanged from this time yesterday after a quiet night for currency markets.
  • With little domestic data due to be released for the remainder of the week the AUD will remain focused on trade sentiment and risk appetite.
  • A bearish report on US inventories saw oil values come under pressure last night.  

 

SPREADS

 

Close

Change

 

Close

Change

 

Close

Change

WU9 - WN9

8.00

+0.75

KWN9 - WN9

-40.50

+2.25

MWN9 - WN9

71.00

+6.75

WZ9 - WN9

21.50

+2.00

KWU9 - WU9

-37.75

+2.00

MWU9 - WU9

71.25

+5.25

WH0 - WN9

34.25

+3.25

KWZ9 - WZ9

-30.25

+1.25

MWZ9 - WZ9

69.50

+4.50

WN9 - CN9

78.25

-6.25

KWN9 - CN9

37.75

-4.00

MWN9 - CN9

149.25

+0.50

 

Have a great day!

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