Daily Market Comment - 4/12/2008

Thursday, December 04, 2008

Wheat prices began the session trading higher, but the rally was short lived and prices quickly began trading both sides of the market. With the abundance of wheat on the world market, there is little reason for end users to extend coverage while prices are drifting lower and presenting little upside threat. Jan 09 canola has broken down below support. Soybeans also broke support while bean oil is currently on support.

Chicago wheat for March 2009 is up ½ a cent at 528 ½ cents per bushel.

Chicago corn for March 2009 is down ½ a cent at 348 ¼ cents per bushel.

Winnipeg canola for January 2009 is down $4.70 at $380.80 Canadian a tonne.

AWB’s Fixed grade APW1 contract price for the 08/09 season are unchanged today at:

$275.00 – Newcastle
$275.00 – Port Kembla
$282.00 – Geelong
$282.00 – Portland
$275.00 – Port Adelaide
$278.00 – Port Lincoln
$267.00 – Brisbane
$257.00 – Gladstone
AWB’s 0809 canola price today is at $572.00 per tonne, based on 42% oil, delivered Numurkah.

All prices are quoted GST exclusive.

Sourced from AWB.