Daily Market Comment - 15/06/07

Monday, June 18, 2007

US wheat futures closed higher overnight. More rain in the forecast for the central and southern plains into Friday and again on the weekend has supported continued aggressive buying from funds and commercial traders to drive the market sharply higher early in the session. Contracting supply from the Ukraine and Eastern Europe has also helped support the surge higher this week.

Chicago wheat for July 2007 is up 17 cents at 606 ½ cents per bushel.

Chicago wheat for December 2007 is up 8 ½ cents at 621 ½ cents per bushel.

Chicago corn for July 2007 is up 5 cents at 409 ½ cents per bushel.

Winnipeg canola for November 2007 is up $2.80 at $400.20 Canadian per tonne.

AWB’s Multi-Varietal contract price (based on APW) for the 07/08 season is up $5 today at:



$246.00 – Newcastle
$242.00 – Port Kembla
$241.00 – Geelong
$234.00 – Portland
$230.00 – Port Adelaide
$218.00 – Port Lincoln
$239.00 – Fremantle
$219.00 – Geraldton


AWB’s 07/08 canola price is unchanged today at $473 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB.