World grain futures were generally flat to firmer in overnight trade. Bullish factors were the increasing value in oil and fuel in the US, this obviously helps corn demand in the ethanol market. France confirmed its 4th hottest April on record, it was also a little dry, this has basically been alleviated during the first week of May though. The two main influences did appear to be sales confirmation of US soybeans to China and the Canadian acreage report.
China picked up 378kt of US soybeans. China followed up with concern the Trump administration were looking at further tariffs against China in retaliation to the way that China handled the COVID19 problem early. Pot calling the kettle black there old chap.

Stats Canada released their area estimates for the 2020 plant. Wheat is pegged at 25.4 million acres, 3.3% higher than last year. This is being divided into 18.8ma of spring wheat, pretty much unchanged from last year, and 5.2 ma of durum, up 6.8% on last year. Winter wheat was increased by 53.5% to 1.4ma this year. So the big increase, as expected, is in durum across Saskatchewan and Alberta.
It appears the Canadian famer is a little over trying to sell canola to China and as a result acres are expected to be back 1.6% to 20.6ma. If confirmed this will be the smallest seeded area since 2013.
It should also be noted that both lentil and dry pea area will be reduced this year.