US wheat futures continued to push lower as the world moves out of the N.Hemisphere spring mostly unscathed. India is reporting they will harvest a record or near record wheat crop. Russian has seen 25-50mm of rain across most of their wheat country in the last couple of weeks. France has seen 50-75mm in the south and 30-50mm across the north. Germany has seen wetter weather return to the south but the north remains mostly dry and Poland has seen 25-50mm of rain over the fortnight.
The dry spring seems to have hurt rapeseed more than anything. Production estimates have been reduced across much of the EU and Paris futures values have moved higher. The Feb 21 slot for rapeseed was up E2.50 / tonne overnight closing the session at E377.75.

Back in the USA the soybean pit was the only real shining light in last night’s session. The punters are expecting to see an increase in Chinese purchases. The stronger sentiment triggered some technical buying. Profit taking was also feature which made for a choppy market. The lack of any significant volume on the US weekly export loading report seemed to counter any further upside potential.
US wheat exports were up week on week but the focus was on the future and the amount of wheat the US will carry over into an international market with more sellers than buyers.
China confirmed they will implement a 5 year import tariff of 80.5% on Australian barley imports. The imports came in effect immediately and will apply to vessels already on the water. The tariff is made up of a 73.6% anti-dumping tariff and an anti-subsidy tariff of 6.9%