UPDATE: 14th of May, 2018
The Friday overnight markets were bearish as funds put their selling boots on as traders unwound the net longs in grains/oilseeds. CME wheat futures hit a two week low with technical selling with US data pointing towards a larger than expected US wheat production forecasts with reduced apprehensions about dry weather cutting yields in the southern plains, KCBT and MGEX both ended the session lower. CME corn futures ended lower with the fund driven liquidation with a lack of new news to support prices as decline in wheat and soybeans spilled over into corn. CME soybeans fall to their lowest level in a month as a combination of technical selling, increased Brazilian production output and uncertainty in the US/China trade dispute lead to the selloff. Canadian ICE canola futures eased on spill over from US soybean markets but also pressured by the Canadian governments assessment in stock levels. Our currency is trading at 0.7544, up 8 points from Friday evening. Overall we should see local cash markets mostly unchanged in the current and new crop for grains as canola likely to be unchanged to up $1/mt. Wheat basis to be steady to start the week.
|Cash Bids||Brisbane||Northern Newcastle||Southern Newcastle||Pt Kembla||Melb/Gee|
|Ex Farm/Delivered||Northern NSW||Central NSW||Southern NSW||Vic|
|CHKP1 Delivered 2017/2018||Goondiwindi POA||Wee Waa POA||Trangie POA||POA|
|Albus Lupins 2017/2018||Trangie $420||MGS Bomen $420||-$20 No.2|
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