With Chinese new year celebrations kicking off and a long weekend in the US don’t expect to see much action on the international front.
US wheat futures did manage to kick the trend of the last couple of sessions and close in the black. HRW and SRW contracts were firmer but Minneapolis was the stand out moving 8.25c/bu (AUD$3.82/t) higher on the nearby contract, less on the new crop months.
The higher close does put the US wheat futures market on week to week gains. Corn futures were there for the ride but never really done anything by the close.
Soybeans continued higher on the back of S.American weather concerns. The strength in the soybean pit did not result in gains for either the ICE canola market of Paris rapeseed.
Was this just due to the weaker USD, probably, fundamentals have not changed dramatically in canola in the short term. One theory that is capping new crop values for canola is the thought that Canadian farmers will reduce pulse acres to sow more wheat and canola. Recent import duties applied by India leave many pulse producers with little alternative. Increased demand for canola from the likes of China and Japan may consumer the excess. Most cash bids do show little difference between new crop canola and old crop values at present. Those that are growing or selling need to closely watch their local basis to best time sales.
Surprisingly sorghum offers out of the US have increased in value, currency related to some extend but very interesting.