The US markets were finding it difficult to quantify corn losses after storms across the central corn belt laid some crops flat on the ground. There is speculation some crops may stand back up while others will not thus a wait and see approach was taken by many.
The USDA crop progress report was also supportive of corn futures but by the close the move higher was minimal. The soybean pit shrugged off yet another substantial (133kt) sale to China instead focussing on the better outlook in the weekly USDA crop progress report.
Wheat was basically in the mix thanks to the bargain hunters.
Talk of hot dry weather reducing the potential for spring wheat across the Canadian Prairies was said to have been supportive but looking at the past weather for the Prairies on World Ag Weather one can form the opinion this may be a bit of an exaggeration, 2 – 4F above normal is not exactly a blistering heat wave. With around 80% of the Canadian spring wheat crop now changing colour one might even conclude a little hot weather over the next couple of weeks might even be a good thing.
The durum market in SW Saskatchewan was firmer according to PDQ. A December lift jumped C$8.50 per tonne to C$270.41. Values right through to June next year were firmer with a June pickup averaging an ex farm price of C$279.37. Generally speaking carry is minimal though, indicating the trade are looking for the durum as soon as they can get it. A C$270 number equates to a Newcastle port bid somewhere around AUD$398, about a AUD$10 jump from yesterday, it will be interesting to see what the trade bid here today.
Unfortunately the cash market in Canada followed the ICE canola futures market lower shedding over C$4.40 per tonne.