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Market Summary - Friday 25th October 2019

Compiled by Hayley Hobbs

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OVERALL

 

  • A lack of bullish input and lackluster weekly export sales data saw US futures lower overnight. The AUD also gave up roughly a third of a cent on the back of risk-off sentiment flooding the market overnight.

WHEAT

Contract

CBOT (c/bu)

CBOT (AUD/t)

KCBOT (c/bu)

MGEX (c/bu)

Dec 19 (Z)

516.00

-4.75

278.04

-1.09

419.50

-3.75

540.00

-2.25

Mar 20 (H)

521.25

-4.75

280.87

-1.07

432.75

-4.25

553.75

-2.50

May 20 (K)

526.25

-4.75

283.57

-1.06

441.75

-4.50

562.75

-3.00

July 20 (N)

530.25

-4.25

285.72

-0.78

450.25

-5.25

570.25

-1.75

 

  • Wheat softened in the absence of any real catalyst to rally.
  • IGC cut their global wheat estimate to 762mmt with 2mmt taken off of their Australian production estimate.
  • The Philippines issued a tender for 160k of feed wheat.
  • Weekly export sales data disappointed to the low side at 262k.
  • Overnight demand rumours expanded to include a possible 1.5mmt to Pakistan.

CORN & BARLEY

Contract

CBOT (c/bu)

Dec 19 (Z)

386.75

-1.00

Mar 20 (H)

398.00

-1.75

May 20 (K)

404.50

-1.75

July 20 (N)

530.25

-4.25

 

  • Corn tried for higher on the back of rumoured purchasing interest from China but the rise was unsustainable.  
  • IGC cut their global corn estimate to 1.098bmt.
  • Weekly export sales data was as expected at 583k.

 

OILSEEDS   

Contract

CBOT Soybeans (c/bu)

Contract

ICE Canola (CAD/t)

Contract

MATIF Rapeseed (€/t)

Nov 19 (X)

933.25

-0.50

Nov 19 (X)

455.40

+1.40

Nov 19 (X)

379.50

+1.75

Jan 20 (F)

947.00

-1.25

Jan 20 (F)

463.80

+1.40

Feb 20 (G)

379.75

+1.00

March 20 (H)

958.50

-1.00

March 20 (H)

473.10

+1.40

May 20 (K)

378.50

+1.00

 

  • Soybeans mimicked corn; initially pushing higher on a flash sale of 264k to an unknown destination before falling on disappointing export sales data.
  • The slow down and small volume of soybean purchases from an unknown destination (ie China) has many thinking the volume of import licenses exempt from taxes is in the realm of 3mmt, rather than the 10mmt initially suspected.
  • IGC cut their global soybean production estimate to 341mmt, down 1mmt.
  • USDA weekly export sales data disappointed at 475k.
  • Traces of African Swine Fever have been detected in pork imports into the Philippines.

 

OTHER

Contract

 

 

AUDUSD

0.6819

-0.0036

AUDCAD

0.8915

-0.0048

AUDEUR

0.6141

-0.0018

CRUDE (V)

56.23

+0.26

 

  • Risk off sentiment flooded the market overnight which saw the AUD fall against the USD.
  • Supply side issues helped bolster crude oil values overnight.
  • British Prime Minister Boris Johnson has called for a general election on the 12th of December. The government will vote on the motion on Monday.   

 

SPREADS

 

Close

Change

 

Close

Change

 

Close

Change

WH0 - WZ9

5.25

0.00

KWH0 - WZ9

-96.50

+1.00

MWZ9 - WZ9

24.00

+2.50

WK0 - WZ9

10.25

0.00

KWK0 - WH0

-88.50

+0.50

MWH0 - WH0

32.50

+2.25

WN0 - WZ9

14.25

+0.50

KWN0 - WN0

-84.50

+0.25

MWN0 - WN0

36.50

+1.75

WZ9 - CZ9

129.25

-3.75

KWZ9 - CZ9

32.75

-2.75

MWZ9 - CZ9

153.25

-1.25

 

Have a great day!

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