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Market Summary - Friday 16th of November 2018

Compiled by Hayley Hobbs

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OVERALL

 

  • A quiet night for futures markets; wheat closed either side of unchanged, while strength in soybeans pulled corn higher.

 

WHEAT 

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

Dec 18 (Z)

505.50

+2.50

$255.00

+0.74

480.00

-1.00

574.75

-1.25

Mar 19 (H)

514.75

+2.75

$259.66

+0.85

503.25

-1.00

575.00

-1.75

May 19 (K)

523.00

+2.00

$263.83

+0.47

515.50

-1.75

582.50

-2.25

July 19 (N)

531.75

+1.50

$268.24

+0.20

527.25

-2.25

590.50

-2.25

 

  • Technical buying saw Chicago inch ahead, but Kansas and Minnie couldn’t manage the same.
  • Saudi Arabia have issued a tender for 475,000.00mt of hard milling wheat for shipment between January and March next year. Markets were initially excited by the tender thinking business could go to the US, but closer inspection suggests the grain will be sourced from the Baltic or Polish regions.
  • The Russian Ag Ministry increased their overall grains estimate for this year by 1mmt to 110mmt, but left export predictions of between 38 and 39 million tonnes unchanged.

 

CORN & BARLEY

Contract

CBOT (c/bu)

Dec 18 (Z)

367.50

+0.50

Mar 19 (H)

378.25

+0.25

May 19 (K)

385.75

0.00

July 19 (N)

392.50

+0.25

 

  • Without any new input, corn was lifted by strength in soybeans.
  • Weekly US ethanol production is relatively unchanged from last week, although stocks continue to build due to limited demand.
  • Ukraine’s acting Ag Minister estimated this year’s corn exports at a record 27mmt.

 

OILSEEDS    

Contract

CBOT Soybeans (c/bu)

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (Euro/t)

Jan 19 (F)

888.75

+5.25

478.20

0.00

Feb 19   (G)

377.00

+1.00

Mar 19 (H)

902.25

+5.50

486.10

+0.50

May 19 (K)

378.25

+1.00

May 19 (K)

915.50

+5.25

494.00

+0.70

August 19 (Q)

371.50

+0.75

 

  • News of export business and slow harvest progression saw soybeans firm overnight.
  • US soybean harvest is roughly 88% complete, well behind the 5 year average of 93% at this time of year.
  • China and the US are reportedly working on a ‘framework’ agreement that would cause cease fire in the current trade war. Details of what the agreement would look like are yet to be released, but this ‘progression’ in trade war discussions was interpreted as supportive of soybean values by the market.

 

OTHER

Contract

 

 

AUDUSD

0.7284

+0.0015

AUDCAD

0.9600

-0.0033

AUDEUR

0.6427

+0.0005

CRUDE (Z)

56.4600

+0.21

 

  • The AUD hit a 7 week high against the US Dollar overnight as Aussie employment data supported our currency.
  • Yesterday’s positive employment data further cements the expectation of an increase to Aussie interest rates.
  • Brexit continues to cause turmoil, with high profile resignations and rumours that there will be a leadership challenge plaguing British parliament at present.

 

SPREADS

 

Close

Change

 

Close

Change

 

Close

Change

WH9-WZ8

9.25

+0.25

KWZ8-WZ8

-25.50

-3.50

MWZ8 - WZ8

69.25

-3.75

WN9 - WZ8

17.50

-0.50

KWH9 - WH9

-11.50

-3.75

MWH9 - WH9

60.25

-4.50

WK9 - WZ8

17.50

-0.50

KWK9 - WH9

-7.50

-3.75

MWK9 - WK9

59.50

-4.25

WZ8 - CZ8

138.00

+2.00

KWZ8 - CZ8

112.50

-1.50

MWZ8 - CZ8

207.25

-1.75

 

Have a great day!

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