Grains got belted overnight with wheat down 20 cents, corn closing down 11-12 cents and soybeans down 16.5 cents also. Wheat is now 25 cents below Friday’s close. The main driver of this move has been talk that Putin & Poroshenko have come to some sort of arrangement regarding a ceasefire. How this is bearish we don’t know as exports really haven’t been affected so far.
Wheat and corn both closed below their levels of support. Will this spark another drop, who knows?
Cotton was the only positive mover last night, with the December contract leading the pack and finishing up 65 points. There is an inverse from December through to March due to a lack of supply for December sales, therefore there are premiums for prompt shipment. Today ECOM are bidding $415/bale for 2015.
Sorghum values for new crop delivered Downs have dropped $7/mt this week with old crop remaining firm close to $290/mt delivered Downs.
Due to a heavy futures decline and AUD strengthening overnight, most new crop prices are lower today, although basis remains strong. Durum is the only exception, and remains strong at $415-420/mt track DR1.
We have added new crop corn prices on the right for anyone looking to grow corn for the coming summer season.
Chickpea values have been the big mover this week. New crop values have dropped $20/mt delivered packer. Old crop has also dropped $10/mt with the last bids at $435/mt delivered Narrabri. Sellers have been prominent of old crop chickpeas at $445/mt the last few weeks and we expect this to drop off now with a $10/mt price drop. Feedback is that the offshore market is very quiet and illiquid at the moment.