In the USA corn futures were flat to lower, soybeans found some support from talk of increased business to China and closed a few cents higher, wheat was generally flat to firmer at Chicago with both the soft and hard red winter wheat contracts closing in the black while spring wheat at Minneapolis was a tad softer.
Spring wheat in Canada was flat to firmer with cash bids ex farm SW Saskatchewan coming in at C$227 for the nearby and C$229 for a December pickup, not a lot of incentive to carry wheat into the winter there either.

Technically there’s still plenty of time and volume in the July futures contracts at Chicago. Corn is a little over bought if anything and may find a little technical selling next week if the weather map for the last half of July continues to look good in the USA. The recent round of buying in the soybean pit has seen beans close the week technically a little over bought, more so than corn. This leads one to think that unless we see some good US sales data next week soybeans are in for a little downside. This may spill-over into the canola market.
Wheat on the other hand is over-sold, very over-sold. From a purely technical trade one might even consider selling beans and buying wheat. It’s something that seems to have appeared a few times over the last couple of month when we were in a similar technical position.
If we can combine a little upside in wheat futures and a little more downside in the AUD, next week might not be so gloomy as the weekend rain clears.