The big mover last night was Chicago soybeans which fell away 18c/bu, close to AUD$9.00 / tonne. Basically it was driven by two things, funds taking profit and better harvest conditions in the US.
The weather map shows the next seven day’s generally dry before returning to wet weather again between the 8th and 15th of November across much of the eastern mid west of the United States.
US punters are also a little nervous about currency values and what the upcoming election will mean to monetary policy but in all honesty I think they might have the cart in front of the horse if they think that the US gov has much to do with their monetary policies. Better than expected yields do continue to be a feature of both the corn and soybean harvest at present.
The move lower in US beans rippled through to canola values at the ICE, back around C$13.70 / tonne. When taking the move between the AUD and the CAD into consideration we may well see up to $15 off local bids today.
The rain in the US forecast for next week was considered mostly good news for the US winter wheat crop so prices moved lower on the back of better growing conditions and spill over selling from the bean pit.
Russia should make it to 76mt of wheat over the next week, currently harvest is estimated at 98.1% complete and 75.8mt in the bin. Winter crop sowing there is all but complete with 16.9mha of winter crops in the ground. Showers are assisting germination.