US wheat futures were again higher in overnight trade. The punters seem to be happy to trade the stochastic between 60-90 at the moment, seeing a dip below 60 as a buying opportunity. Do I think this is overcooked, indeed, do I think it will go higher, who knows, do I think it will fall. I don’t think it has the gravity of a black hole working against it but from a fundamental perspective it’s starting to look pretty heavy.
The weather map for the Canadian Prairies and the US spring wheat belt continues to be the key to wheat.
The latest map shows a good chance of rain over the next 7 days for much of Montana and S.Dakota and SW N.Dakota, while much of the Saskatchewan durum belt misses out. Keep in mind the optimum sowing window for durum there is between May 13th and May 30th and melted snow tends to offer a full profile of moisture.

There are a few wheat tenders due in this week, Taiwan for milling wheat, the Philippines for milling wheat, this one is expected to be filled by Australian wheat. Other than these there is not a lot of action on the buy side this week.

US soybean and corn futures were both higher in overnight trade, following the lead from wheat. Canola and rapeseed were also higher. ICE canola sharply so. Maybe we will see -$300 basis today, surely there’s a law against this. Cash bids for wheat and canola out of SW Saskatchewan were both higher, 1CWRS13.5 wheat up C$5.72 for a Dec21 lift and Dec 21 canola up C$9.29/t.