A late rally in Chicago soybeans helped wheat and corn futures there off the lows and closed the session out relatively flat. The weaker US dollar helped values in the States but also saw punters heading to safer bets like gold and bonds.
The US weather map is showing more heavy rain is likely across the corn belt on Thursday and again on the weekend with the rain on Saturday and Sunday being much heavier across the Hard Red Wheat belt before pushing east.
The wetter forecast for the HRW belt may see wheat stabilise but the US varieties can handle a lot more weathering than ours. It does to tend to backup the current mindset that the US crop may be of lower quality in 2017 than last year though.

In Europe there has been some reasonable falls over the last week or so, generally more across the east of France and southern Germany but it will ensure the French durum crop is off to a good start. The recent rain has also stopped any further decline in canola condition in Europe and should result in the crop finishing in much better conditions than it faced coming out of winter. Paris rapeseed futures were sharply lower in overnight trade with both the Nov and Feb contracts slipping over four Euro’s per tonne. For the week ahead rainfall across Europe is expected to be about average for this time of year and is also expected to be well located.