Chicago corn and wheat futures closed higher while soybean futures were a little lower. Winnipeg canola followed the US bean market lower while Paris rapeseed took back yesterday’s losses and some. The AUD was firmer against most major currencies which may counter the possible move higher in corn / sorghum and wheat here today.

The punters have spent the week positioning for the USDA World Ag Supply and Demand Estimate reports due out on the 9th US time. So something for us to have a look at on Friday morning. The punters are generally expecting to see some adjustments to the Australian crop. It will be interesting to see whether they are taking the same drugs as our friends at ABARES or if they will reduce Aussie wheat production. More interestingly will be if they make mention of the downgrading of most of the eastern Australian wheat, barley and canola crop.

Dry weather in Brazil is hindering the sowing of the last of the soybean crop. So far it is estimated that about 94% of the crop has gone in. This is a little ahead of the 5 year average sowing pace but the delays in the south may see this drawn out further. Meanwhile the dry weather being experienced in the south is not being reflected in the north which should look at harvesting the first of their soybeans around Christmas.
Still in South America wet weather continues to hamper the harvest of the last of the wheat in Pampas Argentina. The rain may spoil what was potentially a record 20.3mt crop, announced just 6 days ago.