Daily Market Comment - 21/06/07

Monday, July 02, 2007

US wheat futures closed higher overnight. Traders came into the week expecting a much drier trend for the southern plains, however more rains in Oklahoma and Texas overnight helped spark increased concerns, of disease problems. In addition, traders are concerned with the yield impact of the faster than normal maturity pace for the soft red crop which could impact kernel size and yield. Funds were noted buyers of near 4,000 contracts into the mid-session

Chicago wheat for July 2007 is up 24 cents at 605 cents per bushel.

Chicago wheat for December 2007 is up 22 cents at 623 ½ cents per bushel.

Chicago corn for July 2007 is down 1 ¾ cents at 394 ½ cents per bushel.

Winnipeg canola for November 2007 is up $4.60 at $399.20 Canadian per tonne.

AWB’s Multi-Varietal contract price (based on APW) for the 07/08 season is up $8 today at:


$245.00 – Newcastle
$241.00 – Port Kembla
$240.00 – Geelong
$233.00 – Portland
$229.00 – Port Adelaide
$217.00 – Port Lincoln
$243.00 – Fremantle
$223.00 – Geraldton

AWB’s 07/08 canola price is up $4 today at $467 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB.