Chicago corn, wheat and soybeans continued higher overnight. Soybeans the clear winner in this session. The knock on effect obvious with ICE canola with the May and August contracts both moving C$30 higher. Paris rapeseed futures were also firmer putting on €18.25 on the nearby and €15.75 for the Feb22 contract.
The AUD is a little firmer this morning but potentially the ICE move could contribute as much as AUD$36 to nearby canola values here if reflected in its entirety. Which we all know is about as likely as me buying a new Ferrari for Jodi on Mother’s Day. The Aussie producers will most likely get what they so often appear to be getting ……….. which probably leaves Jodi as the odd one out -_- . Am I looking forward to being the flower delivery guy on my Sunday off, you be the judge.

Minneapolis spring wheat futures were very close to closing above 800c/bu. That happened 3 times in early July 2017. Prior to that you need to wind the clock back to June 2013 as the fell away from the 2012-13 drought premiums in the USA. How high can nearby spring wheat futures go you ask. Well back in 2008 they closed one session at 2400c/bu but we don’t need another 2008….do we ?
The 7 day forecast for the US spring wheat belt remains pretty much unchanged from yesterday. Useful falls across Montana, western N.Dakota and all of S.Dakota and the corn belt. The durum belt in Canada is predicted to remain dry to the east but may see some handy falls to the west closer to the Alberta border. The Canadian canola belt is predicted wet in the west and dry in the east, so 50/50.