Grain futures were generally weaker overnight, although Chicago corn futures, spring wheat and ICE canola futures at Winnipeg moved against the trend in soybeans, lower grade wheat and a general commodities sell down. The AUD, a commodity based currency, also moved lower against the US dollar helping to counter futures losses in some grains to a small degree.
Paris rapeseed, London feed wheat and Paris milling wheat futures were all lower, succumbing to profit taking across the sector after recent moves higher presented an ideal opportunity to clear positions or roll into the next month’s contracts.

Severe flooding across NNSW in Australia could cause some logistical issues for grain destined to export due to rail damage.
Logistics are probably the last thing the NNSW producer is worried about at present though. Record November rain has decimated the winter crop just days into harvest of what was promising to be a huge crop. Wheat, chickpeas, faba beans, barley and canola crops throughout much of NSW have been decimated. Quantifying the losses remains difficult but for wheat, barley and canola it is likely to be in the millions of tonnes gone or downgraded significantly.
International markets appear to be slow to respond to the extent of the devastation in NSW. The impact will come when buyers attempt to fill orders for the grades of wheat that are traditionally grown in the NW of NSW, high grade white wheat for noodles, premium durum wheat to make pasta and canola to help fill the void left by smaller crops in the EU and Canada.