Overnight we saw corrections lower in US wheat, corn and soybean futures at Chicago.
The weaker soybean market rolled through to a lower close at Winnipeg for canola but Paris rapeseed did manage to close E3.50 higher on the nearby and E8.75 higher for the Feb23 slot. New crop Winnipeg was just C$2.70 lower.
Cash bids for canola in SE Saskatchewan were sharply lower on the old crop, shedding C$16.95 on the March pick up. Still in SE Sask we see old crop durum at the farm gate was back another C$4.34 / tonne according to DPQ. New crop durum was relatively flat, gaining a few cents per tonne. Spring wheat values across SE Sask were lower across the board, both old and new crop, old crop now showing a premium of C$63 over new crop.
There is continued rhetoric regarding Russia and Ukraine. It seems the only people wanting this conflict to escalate is the US. Might be a good smoke screen for the unravelling of the last two years. Putin has continued to state that Russian intervention will only be a side-effect of a NATO push. There was also speculation that Russia would blockade Ukraine grain export terminal yesterday.
Some say this was the reason for the jump in US corn futures on Wednesday night. Past conflicts tend to indicate this is unlikely to unfold, hence a correction in corn overnight. The reality has probably more to do with the moving target that is S.American corn production estimates. Buenos Aires reduced Argentine corn production by 6mt to 51mt about the same time the WASDE came out.
I’m not sure how long the canola market here can ignore the sharply lower Brazil soybean production, maybe another 12mths I guess. A fall of 11% to 125.5mt is significant and should support US soybean futures  +/- $1.00/bu for the short to mid-term, possibly world oilseed values.