It was all about soybeans at Chicago last night. Nearby beans surged to levels not seen since August 2014. Soy meal saw significant interest and pushed higher. The punters expect to see healthy weekly US export sales number for both beans and meal tonight. Without this confirmation this rally quickly becomes just another fund driven rally.
Most of the current fundamental data is unchanged, drought in Brazil, floods in Argentina and better weather predicted for next week in the US, so basically not as bullish as this move would suggest. The truth will be in the export numbers out tonight.
As one would expect both Paris rapeseed and ICE canola saw some respectable gains on the back of the strong US soybean market. This could result in some opportunity on our local market for new crop canola today.

Wheat was towed along with beans, as was corn until near the close when corn futures found resistance and late selling pulled the market back. I’d put money on a fair volume of spread trade being active between US wheat and corn futures at these numbers too, buy wheat / sell corn, just watch out for the profit taking on this spread trade in the future. US farmers are also active sellers of corn above 400c.