I usually start to write this market summary around 6.30 – 7.00am. In our summer the US markets close at 6.00am NSW time and it takes a little while for all the analyst to get their reports written and posted online. I try to get as much of the important international news as I can in this section, news that may influence our prices. Sometimes that news is not available until 9am or 10am hence you may see a little international news creeping into the afternoon comments during the summer months.

US wheat futures for all three grades were generally flat to weaker in last night’s session.
Soybeans were off a little too which tended to drag ICE canola futures lower. Canola slipped C$2.10 on the nearby contract, US soybeans slipped less than $1.00 / tonne. Strength in the Canadian dollar had put additional pressure on ICE canola in recent days. At Paris rapeseed futures were stronger again putting on €1.25 / tonne for the Feb 17 contract. In the last few session Paris has put on €5.00 / tonne, roughly $7.00/tonne in our money. Local values were $6.00 higher yesterday. In China the Zhengzhou Commodities Exchange rapeseed contract closed at AUD$960 / tonne. I’m not sure what the delivery costs are associated with the Chinese contract as the exchange is located in central Henan and the only specs I can see is ZCE approved delivery spots. If it’s anything like sorghum though it may be around AUD$120 to port equivalent comparison.