The bottom feeders took the opportunity to buy after the last session in the US crucified soybeans and corn. Was it a bear trap triggered, was it fund liquidation to find greener pastures, maybe the next CFTC report will shed some light on speculative money flow but for now we see wheat futures clawing back all, in most cases, of the previous sessions losses. https://www.cftc.gov/dea/futures/ag_sf.htm

At the ASX yesterday grains also saw significant volume. There was 28kt of barley traded but comparing volume and values one would come to the conclusion that the barley business was simply the trade rolling July futures into either new crop Jan22 positions or into the September21 slot. For wheat there was around 33,980 tonnes moved. Most of the 2021 contracts were EFP or rolled from July to Sept. There was around 25.5kt of new crop business on. The average value for the new crop was through at just over $302, or equivalent to $260 delivered Gunnedah silo. This represented a new crop cash basis of $19 over ASX, from that comparison $279 cash at site wheat isn’t too bad.

US grain futures fended off pressure from a sharply lower Wall St. Crude, diesel and petrol futures in the US also improved, so generally the buying was across most commodities which were crushed in the previous session. Maybe the trend ain’t your friend.
Interesting to note Chinese state owned business Sinograin auctioned 38kt of corn previously bought off Ukraine.
In Canada cash bids for spring wheat, durum and canola were all sharply higher, canola +C$43 for a Dec21 lift, durum +C$4.67 Dec21.