The lower close in the value of the AUD will go a long way to counter the downside in both ICE canola futures and Paris rapeseed futures. Canola slipped almost AUD$7.00 / tonne at Winnipeg but slippage in the AUD/CAD should limit local losses closer to $2.50 / tonne.

In the US corn futures were the big winner last night. Rain in the forecast may delay planting and in turn see corn acres swapped to soybeans if the delays are too great. The thought of bigger bean acres and slow weekly exports out of the US weighed on soybean values and hence the canola market also suffered. The US is expected to sow 93.6 million acres of corn this year, any less than that should be supportive to prices.
Weekly US export sales volume for wheat was better than expected and saw 295kt of old crop and 388kt of new crop on the books. This should allow the US to go very close to meeting the USDA sales projection which looked unlikely at numerous times throughout the year, mind you their target wasn’t exactly huge either.
World wheat stocks remain burdensome but if you do the maths excluding what is in China than they become a little more friendly and may even be a little on the “lower than expected” side of the ledger.