The AUD gained around 0.16% in overnight trade to close at 75.18 this morning. It’s not a big increase against the US dollar but there has been some significant movement against the Canadian dollar where the AUD is up around 1.15% this morning. The move in currency is likely to counter the C$6.30 increase in ICE canola futures. There is no support from Paris rapeseed either as it closed a little lower.
Soybean futures in the US were firmer again overnight but the problems in S.America are starting to loose traction already. These futures punters need to be spoon fed data on an hourly basis.

Wheat futures in the US were generally a little soft although nearby MGEX spring wheat futures did claw back a fair chunk of Tuesdays losses. With the higher AUD we will probably see a little pressure on wheat prices locally today. Fundamentally the world is still awash with wheat, just like it was a month ago and it is going to take some serious reductions in area or production to counter this.
Reports on the ground in southern Ukraine state that the warm weekend weather has seen snow cover disappear of some 4.5mha of winter wheat. With nights likely to fall as low as -12C there’s a good chance of some percentage of winter kill happening this week.