Chicago soybeans led the US markets lower overnight. The US weather map looks favourable for wheat harvest and corn and soybean production at the moment. The 8-15 day model has some useful falls pencilled in for the corn belt and rain generally staying away from the hard red wheat belt where harvest is picking up.
Soybean futures were lower, corn futures were lower and wheat, without any help from outside markets also slipped lower. ICE canola futures at Winnipeg couldn’t stand alone and also slipped lower. With the AUD stronger against all the major currencies the local market will be hard pressed to do anything but follow the lead in US markets today.
Good soybean crush data and ethanol production in the US was overlooked as the weather forecast dominated.

Rain is persisting in northern and western France. Heavy falls are also expected across western Ukraine in the week preceding next. The good spring and start to summer has seen Russian spring wheat area increased to 13.6mha.

Chickpea futures at the NCDEX continue to climb, October contracts saw healthy increases overnight but the July, nearby, contract was back about $25 from a huge $1423  /tonne.  The nearby to outer month spread is around -$75 (October) at the NCDEX.