Paris rapeseed was hit pretty hard in overnight trade, the May 20 contract was back E7.00 per tonne. Outer months were also sharply lower with the Feb 21 slot shedding E3.75 and the May 21 E6.00. Canadian canola at the ICE fended a little better limiting losses in the outer months. Local December canola basis, although lower than the last season,  does show new season at a healthy +$80, the number is usually much closer to half that. Is that good selling, possibly, maybe a sell physical & buy a call hedge would be a nice order. A resolution to the Canadian / China canola export deal or some big US soybean sales to China may turn things around in a hurry.

The US futures market was fairly boring, corn was either side of unchanged, SRWW was a tad lower HRWW was a tad higher, DNS wheat at Minneapolis followed the protein market higher. Soybeans were a tad lower. At the end of the day the Aussie dollar shedding half a cent was a bigger player than anything.

The corona virus is being painted as the culprit for the current global economic problems. Only the future will confirm if this is indeed the economic disaster the media is so happy to peddle. Or is the US money printing machine the problem. Or is the US / China spat the culprit or is the dragon raising its head and pointing out the weakness of the western world the cause. At the end of the day the value of the AUD is assisting to buffer the problem, for now, the low AUD may well trigger an export boom in time but punters grow weary fast.