Currency markets are a little hard to predict at present, not that anyone I know has ever been able to predict them accurately anyway but last night was particularly hard. The AUD / Yen was belted for six, the AUD / Euro has the AUD stronger, the AUD / Yuan and Rupee has the AUD weaker, and it’s back 2% against the greenback after the AUD rallied a little last night. This may take grain traders some time to get their heads around and may well see new crop basis levels factor in some currency risk in the short term.

In the US soybeans were smashed again, down 21.5c/bu on the nearby, that’s about AUD$10 / tonne, depending on what minute of the day you do the currency conversion. As usual this applied some downward pressure in canola values both at Winnipeg and Paris. There was further downside in Kansas hard wheat too, now at its lowest level since 2006. With grain fundamental already generally soft around the world the Brexit news was never going to be good thing…..unless you owned gold, if so, you made a bucket load yesterday.

Wet weather and severe storms across N.Dakota yesterday have the spring wheat and durum guys there praying for some dry weather. The forecast is predicting more storms both across the Dakota’s and into Saskatchewan Saturday and Sunday.