Back to Main PM Report – Strong A$ And Weak Fundamentals Weighted On Aussie Markets

• Published: 2009-11-05 10:35:58

  After a strong start to the week, US soybeans stumbled in yesterday’s trade. CBOT January beans fell 11.5c to close at 999USc/bu.
  
  The overnight canola followed soybean lower, pushed lower still by a firm $CA. January Winnipeg canola closed at CA$396/t, down $7.40.
  
  Chicago corn futures ended lower as spec funds ended their recent shopping spree and bearish crop projections weighed. December corn closed at 384USc/bu, down 6c.
  
  Wheat managed to close higher, despite losses in nearby commodities. CBOT December wheat ended up 5.25c to close at 521USc/bu. The gains are linked to beginning-of-the-month buying by non-commercial funds.
  
  With A$ stronger today and with a very weak or no support from international markets Aussie wheat and canola swung back from the recent gains.
  
  2009/10 APW Multi-G wheat was lower $1-3/t in Vic, SA and QLD; and managed to hold positions in WA and NSW. Old crop APW stayed at yesterday’s levels with the exception for SA where bids were $1/t lower at major port zones.
  
  With downward signals from Canada, Aussie canola slid $5/t for 2008/09 crop in most port zones across the country. The decline was even sharper for 2009/10 crop with WA down $5-8/t, Vic and SA dropped by $4-5/t, and NSW lost $2-4/t off best bids in major port zones.

  Tags: Canola ,  Oilseeds ,  Coarse Grain ,  Wheat ,  Grain ,  Commodities , 

  

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