Daily Market Comment (11/03/2010)  

Chicago Wheat for May 2010 is down 8 cents to 481 ½ US cents per bushel.

Last nights United States Department of Agriculture (USDA) supply and demand figures were bearish for wheat, with US ending stocks increased by 20 million bushels, and prices were pushed to within range of new contract lows. Weakness in corn and Egypt’s purchase of non-US wheat were also bearish for the overnight’s trade.

Winnipeg canola for March 2010 is up $2.50 today to $388.40 Canadian per tonne.

Winnipeg canola moved higher today following a soybean rise to weekly highs, on the idea that soybean stocks will be tight this year, as well as a Chinese purchase of American supplies.

Chicago Corn for March 2010 is down 3 ¼ cents to 355 ½ US cents per bushel.

The corn market also traded lower on USDA’s larger than expected estimates for US and world corn carryout. The increase in USDA’s estimate for US wheat also added to the pressure overnight. The strength in soybeans was supportive.

The Australian Dollar is currently trading at $US0.9157. The dollar was fairly stagnant overnight, opening a fraction higher than yesterday’s close.