US futures found little to trade on with weekly export data not due out until tomorrow, no one is expecting to see any records broken but at least it gives them something to punt with.
US ethanol stocks climbed although there was a week on week reduction in production. Basically these markets are expected to remain range bound and sideways until at least the USDA report on the 12th.
Strength was seen in nearby Minneapolis spring wheat futures, this is possibly a hedge against potential winter kill damage in the HRW crop creating additional domestic demand for old crop spring wheat early in the US harvest.
The surge in crude oil values hasn’t hurt the price of canola and rapeseed any. This week alone ICE futures have moved almost C$10 higher while Paris rapeseed is up E10 on the nearby.
Black Sea exports continue at a good pace thanks to a mild winter and good port access. The flip side to the mild winter is that there is little snow coverage on a lot of wheat. This leaves the crop open to winter kill if temperatures drop suddenly without snow first falling. With the mild weather, temperatures are up to 10C warmer than average in some regions around the SW. The major cropping regions in the west are starting to see conditions drying out while the SE around Volgograd is still looking very good.