The Aussie dollar tested support levels in last night’s session only to find a floor and bounce higher closing up around 0.30% against many of the major currencies including the Canadian dollar and Indian Rupee.
The firmer USD also saw much of the previous session’s gains whittled away. The lower close on ICE canola futures and Paris rapeseed futures could combine with the stronger AUD to place some downward pressure on local canola values today.

Other problems plaguing the US futures markets included speculation that the incoming government may remove or adjust the ethanol requirements. There is also talk of lower demand as bird flu rips through flocks of chickens and ducks in both China and Europe. In the case of China this may slow the pace at which they are chewing through their mountain of corn.
The weather outlook for Argentina remains less than favourable for the soybean crop there thus should limit losses in the oilseed complex over the short term.

Chickpea prices in India withdrew a little as Aussie exports hit the markets but at their domestic level values are still close to $600 higher than current domestic bids in Australia.