Daily Market Comment - 26/05/2008

Monday, May 26, 2008

Wheat opened higher this morning but sold off sharply in early trade. Floor traders indicate that selling came from weakness in corn and soybeans. Added pressure came from Argentina where the Secretary of Agriculture raised the estimate of that country's wheat crop to 16 million tonnes from 15.4 million last month.

Chicago wheat for July 2008 is down 33 cents to 745 cents per bushel.

Chicago wheat for December 2008 is down 32 cents to 782 cents per bushel.

Chicago corn for December 2008 is up 10 1/4 cents to 623 1/4 cents per bushel.

Winnipeg canola for November 2008 is down $1.10 to $636.30 Canadian a tonne.

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

348.00 – Newcastle
$343.00 – Port Kembla
$333.00 – Geelong
$328.00 – Portland
$343.00 – Brisbane
$315.00 – Gladstone
$314.00 – Port Adelaide
$314.00 – Port Lincoln
AWB’s 08/09 canola price today is Up $1 at $707 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB.