Daily Market Comment - 18/04/07

Thursday, April 19, 2007

Sourced from AWB -
U.S. wheat futures closed mixed overnight, retreating from strong opening advances fuelled by concerns about freeze damage to the winter wheat crop. News of a sharp drop in crop ratings supported the early surge higher but the market fell back to lower on the day before finding new support. Losses in the CBOT corn market seemed to spill over into the wheat market.
Chicago wheat for May 2007 is up 2 ¼ cents at 477 ½ cents per bushel.
Chicago wheat for December 2007 is down 1 cents at 509 ½ cents per bushel.
Chicago corn for July 2007 is down 10 ¾ cents at 365 ¼ cents per bushel.
Winnipeg canola for November 2007 is down $6.80 at $373.00 Canadian per tonne.
AWB’s Multi-Varietal contract price (based on APW) for the 07/08 season is unchanged today at:
• $220.40 – Newcastle
• $217.40 – Port Kembla
• $215.70 – Geelong
• $213.10 – Portland
• $202.00 – Port Adelaide
• $197.10 – Port Lincoln
• $210.00 – Fremantle
• $200.00 – Geraldton
AWB’s 07/08 canola price is down $5 today at $426 per tonne, based on 42% oil, delivered Geelong and Melbourne.
All prices are quoted GST exclusive.