The ICE canola contract shrugged off the pressure from lower palm oil and US soybean futures to close a smidge higher. Unfortunately the move is unlikely to be reflected in local values though as local currency makes a move higher.
The AUD is powering on again this morning, opening above 76.6 USC.

Generally speaking US wheat futures were fairly flat to slightly lower. In combination with the stronger AUD we could see a couple of dollars downside here today. Slow weekly export prospects and fund selling were the main features.
After last week’s big global tenders this week looks a little thin on the ground.
Algeria were said to have picked up 480kt of EU wheat. This came as a surprise to many as they had thought the quality of the EU crop may not be up to scratch for this business but to date EU exports and sales don’t appear to have slowed down at all.
Add this to the 610kt of wheat the Saudi Arabia booked off the EU last week and made to a decent week for EU exports.

In the FSU Kazakhstan are just about ready to blow down the headers and put them back in the shed. All up about 23.44mt of wheat has been harvested there compared to about 20mt last year. There will be a big volume of Black Sea wheat to chew through.