Week on week we see US corn and wheat futures lower.
Corn rallied last night to regain some of the lost ground but a week on week comparison shows a loss 23.5c/bu (AUD$13.13) in the December 19 contract. Soft red wheat futures at Chicago saw a decline of AUD$11.20 and HRW a loss of just over AUD$14.00 per tonne.  Canadian canola futures were down C$1.10 on the January contract while Paris rapeseed futures were up three quarters of a Euro on the nearby but down a quarter for the Feb 20 slot.

The US market saw a round of short covering support values leading into the weekend. Temperatures in the US remain hot across the corn belt but are expected to fall quickly later in the week. Showers towards the end of the week will also allow crops to recover from any heat stress. It was interesting to track a few temperatures in the US yesterday. Minnesota was interesting 18C in the north and high 30’s in the south.
Soybeans futures dragged both ICE canola and Paris rapeseed futures higher overnight. Beans also helped fuel the short covering rally in the Chicago corn pit. Cash bean basis varied in the States depending on location, those regions seeing higher temps tended to see an increase in cash basis too.
Weekly French wheat crop ratings were unchanged week on week at 73% G/E. Harvest in about a third of the way through in France.