| Morning Comments | | | | | | | | | |
| Currency was back up almost 1c last night, this alone had a negative influence on local values by around $1.70 combining the strength in the dollar we have lower CBOT wheat futures which should see some further slippage in new crop values this morning. Chicago wheat had initially started the session stronger, lifted by news China had purchases 115kt of US corn, first time in four years, but the strength from the outside pit quickly faded and fund selling took over to see wheat futures markets lower. Ideal condition in North America and large world stocks continue to subdue any rally in the wheat market. European futures saw Paris wheat stronger on the back of a weaker Euro and a cronic lack of grower interest in selling at these levels. Paris rapeseed was sharply higher after a volitile session tested both upside and downside. Rapeseed futures were probably heavily influenced by a oilseed refinery fire in Germany, the Bunge owned plant had a processing capability of 1.3mt and contracts that were deliverable over the next few months have already been cancelled under Force Majeure. On the local front the markets were mixed to slightly softer yesterday. New crop was unchanged for most grains but nearby prices were a couple of dollars softer ex farm to unchanged for the track. Grower sentiment is still leaning heavily towards storing grain until prices get better or they simply need some cash, this would indicate a pretty easy road ahead for the consumer. |
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| Weather | | | | | | | | | | |
| The continent remain virtually cloud free today apart from some activity in the FNQ tropics. High pressure will dominate through the weekend ensuring pleasant days and cools nights for the week ahead. The seven day forcast back up the synoptic chart with little chance of rain until mid next week. Rain is seen in SA by Tuesday and moving east into WNSW by Wednesday but should clear quickly leaving a fine weekend. |
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