Nearby ICE canola values appear to be caught up in an end of the month squaring up as neither Paris rapeseed futures or the Chicago soybean pit reflected the loss suffered by Nov Canadian canola.
US futures were pretty ho hum with most punters following the trend while having a stab at what tonight’s US export numbers will be. Fundamentally not much has changed around the world.
There was talk that Russia is currently sowing what some say will be their biggest winter wheat acres on record, we can only hope for a drought on the steppes again, it’s been a while since they had one.
A quick look around the world over the last 30 days rainfall events. In the USA the drought sure is over across the HRW belt. The corn belt has also seen some good falls, not great for harvest but good in the long run. Interesting to note that Saskatchewan is pretty dry, not much of a concern this time of year but one to watch.
The soybean country on Brazil is seeing good rain while further south in Argentina conditions continue to be a little wet in the north but generally pretty good heading into summer crops. In Europe Germany is not seeing the rain it really needs, the same can be said for parts of Romania and Ukraine, France, Spain and the UK have fared a little better in October. In Russia the Volga Valley is a little drier than they would like but the SW is looking good with better rain than Ukraine keeping wheat establishment on track. Big swaths of the Nth China plain are exceptionally dry, 20% of normal 30 day rainfall. This may see increased demand for sorghum imports in 2019.