US grain futures seemed happy to consolidate around current values overnight. The AUD made a slight recovery against most of our major trade partners so it generally countered any moves higher by some US grain futures.
Canola at the ICE done well to place small gains, probably more to do with the weaker CAD than anything fundamental though. Generally the news in the soybean pit was more bearish than bullish.
The Brazilian army was called in to clean up the grid lock on Brazilian roads caused by trucks trying to cart soybeans to port. Brazilian logistics continue to be the biggest issue that country faces in moving product from farm to buyer. With beans expected to flow freely to port from next week we may see softer beans in the US futures market, this may in turn roll over to weaker canola prices here in the short term.

A quick look at weekly weather around the world shows India remaining very dry with light falls of around 5-10mills across a small area of the grain belt. SE Russia and parts of Kazakhstan saw some useful falls of 15 – 30 mills in some parts. Minimum temperatures in the Krasnodar valley were not a major concern with the colder weather generally sticking to the northern spring wheat regions that are yet to be sown. Europe saw good falls prompting calls for better yields than currently predicted for wheat.