In the US soybean futures at Chicago were higher, having the best session of all the grains. Unfortunately, the up-tick in Chicago soybean futures didn’t roll through to better canola and rapeseed futures. In fact Paris rapeseed future on the nearby May22 slot saw a massive reduction, shedding E68.00 per tonne. The weakness flowed through to the outer months, the Feb23 slot falling E6.25. The weakness was also evident in the Canadian canola futures market. The ICE nearby contract slipping C$20.40 while the new crop contract, most relevant to us, slipped C$19.10 by the close.
Soybeans were higher thanks to increased US soy oil demand on the back of limited Black Sea exports, Egypt picking up 80,000 tonnes on Tuesday.

With US wheat futures stalling the punters saw it as a signal to take some profit. Technical selling pushed wheat futures at all three US exchanges lower by the close. Milling wheat futures at Paris were still trending higher, the nearby gaining E5.50 and the Dec22 contract putting on E3.75 to close at E335.75 / tonne (AUD$492.66).

There was talk that barley offers into the Jordan tender were as high as US$460 CFR. As in the past the tender was cancelled. This does raise speculation that their wheat tender due to be confirmed tomorrow may also suffer a similar fate, with wheat offers expected to be as high at US$480. With the lowest number in the barley tender rumoured to be about US$446, it compares to an ex-farm LPP price for feed barley of well over AUD$400.
Turkey picked up another 245kt of wheat at tender. This is on top of the 210kt wheat purchase ex works Turkey earlier.