We have a USDA WASDE report out Feb 9th US time, so we’ll see their thoughts here on Thursday.

Chicago soybeans were the big winner overnight. Futures for the nearby were up 28.25c/bu (AUD$14.56). Thoughts that China will look to the US for imports in the short to mid-term, combined with rain delays in Brazil fuelled the market. Harvest progress in Brazil is ahead of last year, at 16% complete but this is lower than where the market had anticipated harvest would be by now.
With soybean futures at Chicago getting very close to the 1600c/bu (AUD$825) mark we may, like last year, start to see more resistance to the top side.
The better close in US soybean values rolled through to the rapeseed and canola market. Paris rapeseed futures gaining E5.25 (AUD$8.43) on the nearby and Winnipeg canola putting on C$12.50 (AUD$13.86) nearby. With the CAD / AUD cross currency rate all but unchanged overnight the move looks good in AUD terms. The AUD was higher against the Euro though, countering the Paris rally a little.
Corn futures were firmer on possible production issues in Brazil and Argentina. Some analyst are not sold on this though. Rain delays in soy harvest in Brazil a good reason to question these estimates. The late corn crop is due off in March / April, maybe a correction just prior.

With tension around the Black Sea subsiding a little we see values for Ukraine and Russian wheat falling away. The Russian export tax is linked to wheat values so it will also fall away.  Ocean frieght rates are also back a little week on week.