The punters are getting use to the stop start natures of the US corn and soybean harvest. Storms crossed parts of the central corn belt causing flash flooding in some location while in drier spots headers were busy stripping the crops. US futures markets were either side of unchanged while spring wheat put in the best show for the session. Good weekly export sales out of the US assisted the wheat price a little but news that Morocco bought 310kt of European wheat seemed to win out in SRW & HRW futures.

Not everyone is convinced that Egypt won’t simply reverse their ergot decision yet again thus offers towards their recent tender were thin with only the Russians willing to take the gamble.

Harvest delays in the Canadian prairies saw ICE canola futures climb back to one month highs. This time of year upcountry warehouses are generally seeing good volume of canola. The rally thus far has been mainly speculative and has managed to fight of the negativity around Chinese import restrictions. ICE durum futures were untraded and settled at C$274/t, durum at the elevator in Saskatchewan is trading at about the same money. This would indicate our current DR1 price is currently well under par.
Desi peas in central Saskatchewan are trading around AUD$800 up country, indicating our Dec bids are in the ball park.