The US futures punters are not showing a lot of interest in the slow sowing pace for corn in the central corn belt. In the past we have seen new technology, machinery and varieties allow the US farmer to catch up very, very quickly and to worry about sowing delays this early in the season is a bit premature. Corn futures at Chicago broke the 200 day moving average and closed lower. Technical selling is likely to push corn a little lower before fundamental support kicks in and we see values move higher.

Spring wheat futures were the big mover in the USA closing 10.5c/bu (A$5/t) higher after the weekly crop condition report revealed a delay in planting. Winter wheat crop condition ratings improved as expected and may well do so again next week, but with snow forecast for the spring wheat belt and Canada sowing delays for wheat may be worth taking note of in coming weeks.

The spring wheat and durum districts of Europe look to be enjoying a much better start to their season than the winter wheat and rapeseed districts to the NE of France and SW Germany. Dry weather across the north of France has many punters now expecting to see production estimates reduced in the monthly IGC report due out later this month.

PDQ show average farm values for 1CWAD durum in central Saskatchewan slipping a little further to C$257 / tonne.