Paris rapeseed Feb22 futures were sharply higher overnight putting on AUD$17.79 per tonne. Winnipeg canola futures did not follow the Chicago soybean market higher and actually shed C$10.90 on the March 22 slot.
Volume in Chicago SRWW was back a bit possibly signalling that most positioning prior to tonight’s WASDE report is probably done.
Pre report shuffling dominated as the trade even appearing to ignore some fundamental strength in corn. Mexico confirmed a 1.8mt purchase of US corn. Although this purchase is spread out over both this marketing year and new crop, the size of the purchase should have probably pushed prices more than they actually moved.
The punters are generally expecting to see changes to S.American and Australian wheat numbers in tonight’s USDA report while data from the Northern Hemisphere is expected to remain generally unchanged.

There is some talk that Russian wheat values are signalling a weaker tone for global wheat prices this week. Although back US$3.00 per tonne the wheat market may take some time to digest the longer term impact of the newly announced 9mt Russian export quota for the second half of their marketing year. The punters initially expected a 5mt quote but when announced as 9mt it basically meant nothing and is unlikely to have any major restrictions on Russian exports, which are pegged at 33.9mt. Currently the USDA have Russian exports pencilled in at 36mt, well above the official 33.9mt. It will be interesting to see if this figure is also tweaked in tonight’s WASDE.