Daily Market Comment - 11/05/2007

Monday, May 14, 2007

US wheat futures closed mostly lower overnight. A sharp sell-off in the stock market, a surge in the dollar and weakness in corn helped drag the market down late in the session, but July wheat managed to gain back some ground despite the double-digit losses in corn.

Chicago wheat for July 2007 is down ½ a cent at 481 ½ cents per bushel.

Chicago wheat for December 2007 is down 2 ½ cents at 499 ¾ cents per bushel.

Chicago corn for July 2007 is down 11 ¾ cents at 354 1/2 cents per bushel.

Winnipeg canola for November 2007 is up 0.70 cents at $381.70 Canadian per tonne.

AWB’s Multi-Varietal contract price (based on APW) for the 07/08 season is unchanged today at:

$215.40 – Newcastle
$210.40 – Port Kembla
$205.70 – Geelong
$203.10 – Portland
$192.00 – Port Adelaide
$187.10 – Port Lincoln
$200.00 – Fremantle
$190.00 – Geraldton

AWB’s 07/08 canola price is up $1 today at $444 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB.