In the US wheat, corn and soybean futures all closed a little higher. Canola pushed lower.
Canola futures are basically keeping in line with the weaker average cash price for Canadian canola. Canola discounts are something we are all too familiar with here in NNSW. You see the season was hot and dry across much of the prairies this summer hence the oil content is much lower than what it is traditionally. Their market is reacting the same way our market did in 2017 when a tough finish reduced oil. Futures are averaging lower in line with the quality.

Week on week all three US wheat futures contracts showed slight gains. The main supporting factor at present seems to be planting delays to the HRW crop. Parts of Kansas and down into the Panhandle are still trying to harvest summer crops. It’s expected that a some of this country that could have potentially been double cropped will now fallow through. Farmers are struggling to plant the last of their planned wheat fields as it remains too wet. Keep an eye on the sowing progress report due out on Tuesday morning.

With the Indian government setting the MSP for chickpeas higher than the cash market in some locations many punters had expected to see a restrained program with the government trying to avoid a buying spree but current accumulation data might suggest otherwise. The flip side of this and how prices are affected midterm will depend on how the government lets this stock back onto the market.