International grain futures remained relatively stable overnight with slight moves higher in US wheat and corn futures while Chicago soybeans were unchanged to a tad weaker. The canola market saw the ICE contract slip a little on the back of a better CAD value while the Euro and Paris rapeseed values were basically unchanged giving little direction from that market. Minneapolis spring wheat was the best performer as premium wheat is likely to be in short supply for US consumers again in 2017.

A cool spring is expected to see the Black Sea wheat crops with plenty of time and in most cases enough moisture to fill. There is talk that yield records may even be in the sights of a few farmers. There are some regions doing it a little tough though, north central Ukraine is drier than it would like to be and west central Russia has also been a little dry but recent showers there seem to have abated any drought fears for the time being. The spring wheat districts of the FSU saw some decent rain last week which should see the crop off to a good start.
Spain saw some much needed rain, although too late for the winter crops it is expected to help spring planted crops get away and fill. Showers were also reported further north and west, along with warmer weather it should encourage grain fill of winter crops.