Daily Market Comment - 13/08/07

Monday, August 13, 2007

The market closed lower overnight losing some of the gains made the previous day. Strong demand for wheat despite the 11-year high price, solid export sales news and continued concerns for tightening world supply helped spark higher trade and new contract highs on the opening. The weaker close was led by what is thought to be profit taking ahead of the USDA supply and demand report.

Chicago wheat for December 2007 is down 10 cents to 691 cents per bushel.

Chicago corn for December 2007 is up 9 ¼ cents to 348 ¾ cents per bushel.

Winnipeg canola for November 2007 is up $1.80 to $414.20 Canadian per tonne.

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

$265.00 – Newcastle
$260.00 – Port Kembla
$255.00 – Geelong
$250.00 – Portland
$244.00 – Port Adelaide
$232.00 – Port Lincoln
$259.00 – Fremantle
$240.00 – Geraldton

AWB’s 07/08 canola price is up $1 today at $489 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB.