Harvest activity continues to put pressure on the US soybean and corn futures markets. Wheat was dragged lower by the row crops last night but a weaker AUD is likely to counter any downward pressure US futures were likely to put on local values and besides there are bigger things to worry about in our own very parched backyard at the moment.
Weather in the USA is delaying harvest a little on the western corn belt but warmer weather next week should see those delays soon forgotten, progress has been on par with the average harvest pace across much of the eastern corn belt.
Moves in ICE canola and Paris rapeseed futures were probably more to do with local currencies than fundamental price shifts in the underlying commodities. ICE canola slipped C$3.30 / tonne on the nearby. A lower AUD should basically counter that move though and local basis here is very strong. In Paris the nearby contract was up E2.75 / tonne. With the Euro at US$1.18 it helped rapeseed futures climb but so did increases in Malaysian palm oil.
A weaker rouble will make Russian wheat much more competitive though so it is likely we will see Egypt step up again soon to take advantage of potentially lower values out of the Black Sea.
The StatsCanada report due out at the end of the month should give durum and prime wheat some direction for harvest here.