Daily Market Comment - 31/10/2008

Friday, October 31, 2008

The wheat market retreated today, Giving back half of yesterdays hard earned gains with double digit losses being posted across all three US exchanges. Weakness in crude oil and corn and strength in the U.S. dollar were bearish for today’s trade. Canola traded a tight range closing on its lows. Price action has technically broken out of the downtrend and is moving sideways.

Chicago wheat for December 2008 is down 23 ¼ cents at 538 cents per bushel.

Chicago corn for December 2008 is down 10 ½ cents at 439 ½ cents per bushel.

Winnipeg canola for November 2008 is down $3.80 at $418.50 Canadian a tonne.

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

$268.00 – Newcastle
$272.00 – Port Kembla
$299.00 – Geelong
$299.00 – Portland
$279.00 – Port Adelaide
$283.00 – Port Lincoln
$263.00 – Brisbane
$258.00 – Gladstone Fixed grade APW
AWB’s 08/09 canola price today is up $2 at $610.00 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB.