US grain futures were either side of unchanged overnight. Wheat was generally softer on better weather in the US while soybeans were a tad firmer on the back of good import demand from China and poor weather in S.America. Corn was a follower and closed the session out flat with a half a cent per bushel gain on the nearby and minimal losses on the outer months.

The market is basically waiting for new news. The US planting intentions report and grain stocks report due out at the end of the month is expected to supply that news.
The punters are tipping soybean area to steal acres away from corn and corn has found support from this expectation for a few weeks now. You might expect soybeans to soften as the chance of higher acres in the US turns to reality but at this stage every increase is countered by a decrease somewhere else, such as Argentina. With Chinese imports also expected to exceed 100mt the demand side of the equation also looking very healthy.
The stronger oilseed market also plays out for canola which managed a higher close both at the ICE and Paris. We should see some strength in Australian values but at this stage the trade seem to like the idea of following the international market lower when given the opportunity but are unable to follow it higher. Basis has been killed in recent weeks resulting in negative basis yesterday. Poor form indeed.