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Market Summary - Thursday 15th of November 2018

Compiled by Hayley Hobbs

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OVERALL

 

  • A mixed night in ag markets with wheat closing lower, corn mixed and soybeans marginally higher. The AUD is trading at 0.7270 following stronger than expected Aussie employment data released this morning.

 

WHEAT 

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

Dec 18 (Z)

503.00

-4.75

$254.30

-3.79

481.00

-5.50

576.00

-2.25

Mar 19 (H)

512.00

-5.75

$258.85

-4.32

504.25

-5.25

576.75

-3.25

May 19 (K)

521.00

-5.50

$263.40

-4.22

517.25

-5.75

584.75

-3.25

July 19 (N)

530.25

-5.00

$268.07

-3.99

529.50

-6.00

592.75

-3.00

 

  • The USDA rated winter crops 54% good-excellent, up 3% from last week and surprising the market to pressure values lower.
  • Crop ratings overshadowed cuts to French and Australian export estimations by analysts yesterday.
  • Reports from within Argentina say the heavy rainfall isn’t as damaging as first expected, as it is too early in the crop’s development to have any tangible effect on quality.
  • Weakness in US markets led European markets lower.

 

CORN & BARLEY

Contract

CBOT (c/bu)

Dec 18 (Z)

367.00

+0.50

Mar 19 (H)

378.00

+0.25

May 19 (K)

385.75

0.00

July 19 (N)

392.25

-1.00

 

  • The announcement of US corn exported to Mexico helped the front months inch higher.
  • US corn harvest is reportedly 84% complete, up from 76% last week.
  • Estimates surrounding the size of the Ukrainian corn crop continue to grow, with one analyst calling it 35mmt. This is after the USDA increased their estimate to 33.5mmt in their November WASDE report.

 

OILSEEDS    

Contract

CBOT Soybeans (c/bu)

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (Euro/t)

Jan 19 (F)

883.50

+5.25

478.20

-2.60

Feb 19   (G)

376.00

-1.75

Mar 19 (H)

896.75

+5.00

485.60

-2.60

May 19 (K)

377.25

-1.00

May 19 (K)

910.25

+5.25

493.30

-2.40

August 19 (Q)

370.75

-1.00

 

  • Muted grower selling and a slow harvest pace saw soybeans push higher overnight.
  • The USDA reported that 148,000.00 of US soybeans have been sold to an unknown destination. This is positive news for soybeans which have been suffering under a lack of demand in the wake of the US/China trade war.

 

OTHER

Contract

 

 

AUDUSD

0.7269

+0.0040

AUDCAD

0.9633

+0.0070

AUDEUR

0.6423

+0.0005

CRUDE (Z)

56.2500

+0.56

 

  • The AUD is higher this morning following stronger than expected Australian employment data released this morning.
  • Brexit looks like it will proceed in March 2019 following support from the cabinet for Theresa May’s proposal overnight. This is easing risk aversion in currency markets and supporting the AUD.

 

SPREADS

 

Close

Change

 

Close

Change

 

Close

Change

WH9-WZ8

9.00

-1.00

KWZ8-WZ8

-22.00

-0.75

MWZ8 - WZ8

73.00

+2.50

WN9 - WZ8

18.00

-0.75

KWH9 - WH9

-7.75

+0.50

MWH9 - WH9

64.75

+2.50

WK9 - WZ8

18.00

-0.75

KWK9 - WH9

-3.75

-0.25

MWK9 - WK9

63.75

+2.25

WZ8 - CZ8

136.00

-5.25

KWZ8 - CZ8

114.00

-6.00

MWZ8 - CZ8

209.00

-2.75

 

Have a great day!

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