In the US soybean and wheat futures closed lower on the day and for the week, although corn was firmer on the night there was little to no movement in futures values week on week.

Algeria were said to have picked up 470kt of wheat and 75kt of feed barley overnight. Being an optional origin purchase the product was offered C&F at around US$199 for the wheat for July shipment, around AUD$200 NTP NTL equivalent, so likely Black Sea origin or maybe some lower grade milling wheat out of France.

Argentina increased its projected corn production last night, +2mt to 39mt, it’s still 1mt shy of the USDA number. Brazil also increased their expected corn production from 91.5mt to 92.8mt, once again well under the USDA number of 96mt. S.American analyst also pumped up soybeans in Brazil and Argentina by 3.8mt to 170.5mt about 2mt more than the latest USDA report.
Strength in our local oilseed market is coming from European demand for canola. Conditions across Europe were not ideal for canola this spring suggesting we may see continued support going into our winter.