US soybean futures closed higher, some say it’s a corrective rally after recent sharp losses, some say it’s due to some good export sales to China. I’m tending to think the former is the main driver here as the volume into China wasn’t especially great. As with most moves in soybeans the ICE canola contract also enjoyed some upside being lead higher by the firmer bean market. Paris rapeseed futures were also firmer with the Feb17 contract closing at €363.00 / tonne a rally of €2.50/t.
Wheat futures done nothing, in fact 5 of the 7 active US HRW contracts closed the session unchanged. The spring wheat crop tour of the US is currently poking through the Dakotas. The word is poorer than average in the south and better than average in the north, so generally the crop looks pretty good.

The recent heat wave in Russia and the Ukraine is likely to cause little damage to anything other than a few susceptible crops across Southern districts of both countries. The heat was broken by a cool change that bought some generous falls to quickly relieve the situation. The rain was viewed as beneficial to the spring wheat crop which is flowering or entering grain fill. Other summer crops like cotton also welcomed the change in temperature and some rainfall as it moves through the flowering phase.