Thin trade dominated the US markets overnight.
ICE canola struggled with the January contract nearing settlement and Paris rapeseed rallied a couple of dollars. The weaker AUD should counter some of the move lower in ICE canola futures, when combined with the stronger close in rapeseed we may well see a flat domestic canola market today.

US wheat futures continue to fumble along without and real direction, US$4.00 / bu +/- 20c / bu seems to be the trend of late. Over the last ten years the average volatility during the December / January period has been about 16% from the periods highest price. The variation over that ten year period isn’t that high either from a minimum volatility of about 8% to a maximum of about 29% but that was in 2008 so easy dismissed. So from a technical perspective if we used the average of 16% on the best price in December it gives us a US futures range for the nearby contract of about 65c/bu. In December it was about 38c (9%). So technically we may not have seen the best or worst of this market yet.
One might also expect the volatility to be more during years with a lower world stocks to use ratio but that does not appear to be the case so potentially Jan 2017 may well give us the volatility we are looking for, let’s just hope it is in our favour.