In the US HRW and DNS wheat clawed back much of the loss incurred on Wednesday. Punters took it as an opportunity to do some technical buying in wheat and corn and to keep the upward momentum in soybeans going.
There are plenty of punters expecting to see 1200c/bu soybeans before the end of the year. With Chicago futures closing at 1193c last night that does now appear a pretty safe bet. The sentiment in the soybean pit and the general oilseed market remains positive. That is unless you are watching local canola basis here in Australia, you might then be wondering why prices continue to struggle to remain flat.

Corn futures found support from the weather, both in the USA and S.America, as well as good export sales volume. A US sale of 300kt of corn was reported late in the day and weekly US export corn sales were strong at 1.67mt.
US weekly export sales for wheat helped push the HRW contract at Chicago into double digit gains. Sales volume was a weekly marketing year high at 795kt. Well above the average trade guess prior to the report’s release. China topped the US sales sheet, surprised, no, with weekly purchases of 332kt.

Canadian 1CWAD13 durum wheat bids out of SW Saskatchewan were sharply higher for a Feb lift. Months either side also saw some good increases with a January lift bid at C$305.05 +C$4.90 and the March slot at C$309.83 +C$5.68.  Roughly AUD$390 NTL Equiv.