US futures were generally flat to lower overnight. ICE canola slipped as did Paris rapeseed but week on week Paris rapeseed futures did manage to close €5.00 / tonne higher. The move lower in grain futures was countered somewhat in the US by a weaker US dollar but outside of the US we saw pressure on prices as the AUD moved higher, back above 79 US cents.
The US crop tour data has shown some lower yielding fields but generally corn crops in the bigger producing areas are not too bad with NW Iowa only a few percentage points lower than last year.
Soybean results have been similar but yields maybe a smidge worse in places. Both western corn and soybeans in states like Nebraska do have some serious issues in some fields but generally speaking the trade does appear to be happy with current estimates and price. US soybeans continue to find support from the recent announcement the US will impose import tariffs on Argentine biodiesel. Free trade, yeah, that’s what it’s about hey Uncle Sam, free trade, just like the TPP was going to be good for everyone.

Russia sold Bangladesh 200kt of wheat for Sept / Dec delivery. The deal was done at government level as slow port processes at Bangladesh usually results in the trade shying away from deals there. This news comes on the back of the IGC lifting Russian wheat production to a record 80mt. It will be interesting to see how much Russian wheat fills the 6.5mt hole at Bangladesh.