Daily Market Comment - 30/04/07

Monday, April 30, 2007

US wheat futures closed solidly lower Friday, amid profit taking pressure from recent gains in the market and with news of some rain forecast for Australian and European wheat growing regions. There are also new reports of good crop recovery from the Easter freezers seen across the US wheat belt.

Chicago wheat for July 2007 is down 8 ½ cents at 512 ½ cents per bushel.

Chicago wheat for December 2007 is down 2 ½ cents at 529 cents per bushel.

Chicago corn for July 2007 is down 1 ½ cents at 373 ¾ cents per bushel.

Winnipeg canola for November 2007 is up $2.70 at $383.00 Canadian per tonne.

AWB’s Multi-Varietal contract price (based on APW) for the 07/08 season is down $6 today at:

$221.40 – Newcastle
$216.40 – Port Kembla
$211.70 – Geelong
$209.10 – Portland
$198.00 – Port Adelaide
$193.10 – Port Lincoln
$216.00 – Fremantle
$196.00 – Geraldton
AWB’s 07/08 canola price is unchanged today at $443 per tonne, based on 42% oil, delivered Geelong and Melbourne.

All prices are quoted GST exclusive.

Sourced from AWB.