Weakness in US soybean futures rippled through the oilseed markets and kept other grains flat to lower in overnight trade. Corn futures in the US found some support from fund managers rebalancing their annual positions. This did have a few players picking up put options against the September slot though.
US soybeans opened with follow through selling from the previous session and never really recovered but the big shock to the bean pit came from a cancellation of 900kt leaving weekly US sales at just 87.5kt. The market sold lower into the close dragging both ICE and Paris canola lower.
Soybeans also found some direction from the Argentine crop. After a couple of weeks of big rainfall across Cordoba and the main soybean sowing regions had prevented the last of the crop from going in the forecast for the next couple of weeks shows slightly drier weather and an opportunity to finish planting there. Temperatures are expected to be very hot during this period though.

Some models show an increased chance of rain across parts of Pakistan between the 13th and 20th but India continues to see little rain south of New Delhi with much of the chickpea producing region remaining dry. There has been a call to lift the Indian export ban on summer pulses but chickpea values remain well supported. Larger supplies of summer pulses has seen prices halved.