Daily Market Comment - 16/07/2008

Wednesday, July 16, 2008

US wheat opened lower and remained under consistent pressure throughout the session, ending the day slightly lower. Traders indicated this was on the back of weakness in the corn market and pressure from the ongoing US winter wheat harvest.

Chicago wheat for December 2008 is down 12 ¾ cents at 842 ¼ cents per bushel.

Chicago corn for December 2008 is down 27 cents at 682 ¼ cents per bushel.

Winnipeg canola for November 2008 is down $9.10 to $672.10 Canadian a tonne.

AWB’s Multi grade contract price (based on APW1 flat priced) for the 08/09 season are up today at:

$321.00 – Newcastle
$321.00 – Port Kembla
$321.00 – Geelong
$311.00 – Portland
$321.00 – Brisbane
$298.00 – Gladstone
$301.00 – Port Adelaide
$301.00 – Port Lincoln

AWB’s 08/09 canola price today is down $12 at $723.00 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB.