In the US we see wheat back again on profit taking after that mid-week rally, corn found support from thoughts the Chinese might like some more US corn to go with their latest soybean purchase, which did manage to help both Chicago beans and ICE canola higher.

Corn saw little help from the fundamentalist though, it was just the punters waring rose coloured glasses that helped the yellow grain higher. Talk of a record Brazilian crop for the season ahead kept a lid on the outer months. A private analyst put a forecast area of 48.581 million acres of Brazilian corn to be sown on the wires last night. Average yields in S.America are not as large as the US so that area is expected to produce around 116mt, that’s over 10% more than the current season.
The soybean pit found strength when the USDA confirmed a private sale for 125kt of US soybeans had been reported overnight. In fairness the export location wasn’t noted but the punters jumped on the boat to China pretty quickly as a fair bet.
Wheat got stuck in no man’s land and succumb to profit taking and went nowhere.

Canadian durum values were firmer later in the week with cash bids out of SW Saskatchewan for a December pickup averaging C$279.03 per tonne. On the back of an envelope this equates to about a Newcastle port equivalent of around AUD$406. Good weekly exports out of Canada continue to support durum values. Demand is strong, pasta is easy in COVID world and supply has shrunk in 2020.