Daily Market Comment - 21/05/07

Tuesday, May 22, 2007

US wheat futures closed down overnight. Strength in the other grains and talk of dryness concerns for the China wheat crop helped provide some early buying support, but the market failed to generate follow-through buying interest and futures pushed lower on the day into the mid-session. Ideas that US crop conditions will improve in Monday's weekly update and good weather for Australia and Europe helped offset the China concerns.

Chicago wheat for July 2007 is down 14 ¼ cents at 471 ¼ cents per bushel.

Chicago wheat for December 2007 is down 12 cents at 494 ½ cents per bushel.

Chicago corn for July 2007 is down 1 ¾ cents at 371 ¼ cents per bushel.

Winnipeg canola for November 2007 is up $1.10 at $392.20 Canadian per tonne.

AWB’s Multi-Varietal contract price (based on APW) for the 07/08 season is down $2 today at:

$212.00 – Newcastle
$207.00 – Port Kembla
$203.00 – Geelong
$200.00 – Portland
$190.00 – Port Adelaide
$184.00 – Port Lincoln
$200.00 – Fremantle
$190.00 – Geraldton

AWB’s 07/08 canola price is up $2 today at $456 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.

Sourced from AWB