Continued profit taking in US wheat drives futures values sharply lower. This was not the case for corn and soybean futures at Chicago. Both corn and beans enjoyed a little fundamental support from the USDA WASDE report and continued speculation of improved US exports of both grains.
China continues to lead the buyers list of US corn, picking up another 556kt last week. Support for US corn futures also came from reduced production estimates in Brazil. CONAB put out a corn number of about 112mt, a little lower than this week’s USDA number. Argentina also reduced the corn number there, now back to 47.7mt according to the Rosario exchange. Considering the season Argentina has had, that may still be on the high side.

New crop canola futures at Winnipeg were flat, down C$1.70 per tonne. Paris rapeseed futures for the Feb23 slot we back half a euro. Chicago soybeans were firmer across the board, new crop a little more so than the old crop. Jan23 Chicago bean futures are still 210c/bu (AUD$105) less than the old crop though.
Looking at the seven day rainfall forecast for the US and Canada it appears the dry parts will remain dry apart from some snowfall.

Tunisia are back tendering for 125kt of wheat and 100kt of barley. Algeria picked up 600kt of wheat at some pretty high values and Egypt and Turkey start to mull over domestic restrictions to ensure wheat stocks are sustainable.
Algeria picked up 600kt+ of milling wheat at a rumoured value of US$485 per tonne. That’s roughly US$130 higher than their Feb17th tender estimate.
Russia has said it is going to suspend wheat, barley and corn exports to EEU members until Aug31st, that’s how you treat your friends.