First dry weather and then rain at harvest, the Brazilian soybean crop has had a testing year. Normally 30%+ of the Brazil bean crop is in the bin by mid-February but to date just half that percentage is said to have been harvested.
This and reductions in global oilseed stocks continues to fuel the Chicago futures market. Soybeans for March / May were both up over 20c/bu overnight. This rolled through to significant strength in both ICE canola futures, where the May21 contract put on C$22.60 and also at MATIF Paris exchange where rapeseed for the May slot gained E11.00 per tonne.

The punters generally ignored the lower hard red winter wheat condition ratings for Texas, Kansas and Oklahoma. Much of the upside in wheat after the big freeze is now said to be priced in, yeah right. There was even a few punters talking the wheat market downs as rain will be very useful across the drier parts of the pan handle in coming days.
The freezing conditions that pushed through Europe are not expected to have an impact on winter wheat there as there was ample snow cover prior to the freeze. To the east in Russia though talk of significant winter kill to wheat around the drier Rostov region is creating some nervousness in European and Middle Eastern markets. Temperatures around Rostov did drift as low as -20C earlier this week. The increase in the Russian wheat export tax on March 1st to E50/t is also pushing Black Sea values higher. The introduction of a new Russian export wheat  tax in June is also interesting. It’s calculated as 70% of the difference between US$200 and the sale price. A sale of US$280 = US$56 tax.