US futures were generally softer overnight with soybeans and protein wheat the biggest losers. Looking at canola futures we see ICE canola was back C$1.80, roughly in line with the decline in cash bids across central Canada. At the Paris exchange rapeseed futures continued higher closing above E600 per tonne on the nearby contract.
The Canadian market for spring wheat didn’t follow the lead from the MGEX futures market. 1CWRS wheat out of SE Saskatchewan for a December lift actually closed a smidge higher on average. Priced at C$384.01 per tonne ex farm this product is roughly equivalent to an ex farm value for wheat here on the plains of AUD$457. Roughly about the same price we saw during our own drought years back in 2018-19.

Rainfall across Argentina has been mixed. A look at the 14 day rainfall map on World Ag Weather shows much of the major cropping country is reviving good winter rain. In fact some locations are probably now a little too wet, sound familiar. The major wheat growing districts in central and northern Cordoba remain the few locations that are probably still a little dry.
Wheat values out of Argentina are still good, around US$308 FOB up river Necochea. On the back of an envelope using SE Asia as a destination this would roughly equate to a H2 value ex farm LPP of something close to AUD$420.

Ukraine feed barley values out of the Black Sea continue to move higher, roughly up AUD$4.63 overnight.