With the AUD and the Canadian dollar sharply higher against the US dollar we may see some pressure on local bids today. Even with a higher close in wheat, corn, soybeans and canola futures. The AUD also firmed against the Euro, combine that with weaker Paris rapeseed futures and we’ll soon see who is hedging against ICE canola at Winnipeg and who is using Paris rapeseed won’t we.

The RBA reported better than expected growth data for Australia. They did not mention anything about another rate cut, so left the market with the assumption all is good down under. The CAD found strength in $50/b oil. The USD is still rolling around bleeding after last week’s jobs data. Chinese trade data is expected this morning, it will set the tone for the rest of the day. Then I suppose we hang around until the 23rd of June and see what the poms are doing, will they exit the EU, or will they sit down and have a cup of tea and reconsider their friendship with Europe.

US wheat futures found support from the row crops once again. With summer now arriving in Kansas and the mercury heading up into the high 30’s wheat harvest should progress quickly but corn and soybeans may begin to suffer. The rally does feel top heavy though.