1/6/21 Prices
Memorial Day holiday in the USA saw the markets there closed overnight.
Looking at futures markets that were open we see Paris milling wheat was up €2.50 on the nearby to €213.75 per tonne while the December 21 contract was up €2.75 to close at €212.50 per tonne.
Still at Paris we see rapeseed was back €4.50 / tonne on the August contract closing at €515.25 while the Feb 22 slot was lower by €3.75 / tonne closing at €497.75.
London feed wheat was unchanged at £175.70 / tonne for the Jan 22 slot.
Last week we saw spring wheat values in the US and Canada break away from the falling SRW and HRW prices. The dry weather across the US far north and Canadian prairies, combined with a late frost, were not ideal for emerging spring sown crops. This week will show a stark contrast to last week with temperatures expected to be up to 10F above normal. While storms will bring heavy rain to Texas and NE across the soybean belt in the south of the USA the western spring wheat belt and much of the Saskatchewan prairies will remain dry.
Although the conditions across the spring wheat belt of N.America are a concern they are not dire. Looking at the 14 day anomaly map there are definitely areas of concern but there are parts of the plains that have seen 150% of normal rainfall too. Western N.Dakota, and north central Sask and central east Alberta are not too bad. This could pan out well for canola growth if the last cold snap didn’t give it a touch up.