Daily Market Comment (09/02/2010)  

Chicago Wheat for March 2010 is up 10 ¾ cents to 484 US cents per bushel.   US wheat futures closed higher after yesterday’s trade. Short covering by managed funds, where they bought over 4000 contracts and a weakness in the US dollar were the main reasons for the rise. Strength in corn and crude oil provided underlying pressure for the wheat market.

Winnipeg canola for March 2010 is up $5.40 today to $385.70 Canadian per tonne.  Canada futures closed with their biggest gain in six weeks.

Chicago Corn for March 2010 is up 4 ½ cents to 356 US cents per bushel.

The Australian Dollar is currently trading at 0.8653.  The Australian dollar had a quiet night, with no events to prompt significant movement saw the dollar opening slightly higher against the USD. The Dow Jones fell 1.04% overnight due to the problems in the Europe zone and the questions it raises about our ability to recover from the Global Financial Crisis.