Looks like soybeans / meal may have ran its race in the short term. Futures for the oilseed were lower in overnight trade dragging ICE canola futures back with it. Weekly US bean export sales were lower than trade estimates too.
Corn futures found support from weather in the states and an IGC (International Grains Council) report stating they expect to see a balanced supply and demand sheet for 2016-17. Corn futures in the US also found support from good weekly export sales.
The IGC report increased world wheat stocks with production in the EU, US and Russia likely to increase.
With global wheat production now expected to come in above 722mt IGC data has turned from a 3mt deficit forecast in March to a 6mt surplus in May.
The main thing driving wheat, in the US at least, is the large spec short the funds hold. Last night saw funds actively trying to clear some of this as it became apparent that in parts of western Kansas HRW was actually trading below corn values. This could result in much more wheat than what is currently expected to, to slip into the feed rations.
The other major problem in the HRW belt is too much rain, there are already reports of lodging in southern parts. According to the GFS weather model things are not expected to dry out any over the next week either.
Further north in the Canadian durum belt next week should bring some much needed rain to SE Saks after a dry start to sowing.