Daily Market Comment - 23/04/07

Monday, April 23, 2007

Us wheat futures closed up Thursday with sharp gains , amid short covering on expectations that the April hard freezes in the winter wheat belt will cut US output.

Talk of the overbought condition of the market and favourable whether forecasts for next week helped limit buying support in the late session of trade.

Chicago wheat for May 2007 is up 21 ½ cents at 496 cents per bushel.

hicago wheat for December 2007 is up 8 ½ cents at 514 ½ cents per bushel.

Chicago corn for July 2007 is up 7 cents at 382 ¼ cents per bushel.

Winnipeg canola for November 2007 is up $3.80 at $376.40 Canadian per tonne.

AWB’s Multi-Varietal contract price (based on APW) for the 07/08 season is up $3 today at:

$222.40 – Newcastle
$217.70 – Geelong
$219.40 – Port Kembla
$215.10 – Portland
$204.00 – Port Adelaide
$199.10 – Port Lincoln
$212.00 – Fremantle
$202.00 – Geraldton
AWB’s 07/08 canola price is up $5 today at $433 per tonne, based on 42% oil, delivered Geelong and Melbourne.

All prices are quoted GST exclusive.

Sourced from AWB