Taken from a market wire this morning this quote sums it up pretty well, “the last time US corn futures were this high, the US was suffering a once in a generation drought in 2012”.  Overnight US row crops, corn and soybeans, pushed higher. Soybeans dragged Winnipeg canola futures higher with the new crop Jan 23 contract at Winnipeg closing up C$6.30 per tonne. Paris rapeseed futures for the Feb 23 contract slipped a couple of Euros per tonne.
Wheat futures at Chicago were lower, surprisingly the HRW contract slipping further than the SRWW contract, spring wheat values held firm, gaining a smidge by the close.
Values out of the Pacific North West of the US generally followed the move in futures. Canadian spring wheat numbers continued for firm with new crop 1CWRS13.5 averaging an ex farm price out of SE Saskatchewan of $499.10 for a December pickup. On the back of an envelope if this product was moving to port at the PNW and into the Asian market it would equate to a value of something like AUD$600 for prime hard off the Liverpool Plains. At the moment we are seeing local new crop APH bid closer to AUD$450 on a multi grade basis. Nth American drought premium still in affect ??

It should be pointed out that volume at Chicago at these levels is low. The Dec 22 SRWW contract seeing just 6,434 contracts in overnight trade, around 875kt. That might sound like a lot but for Chicago it’s not huge and does highlight the potential volatility in the wheat market if there is a mass exodus for some reason. Corn volume is a bit better, the Dec 22 contract for corn was around 77,074 contracts or 9.6mt.

Ukraine spring planting increased 570kha to 3.6mha. Algeria picked up 230kt of Mexican durum wheat, price is speculated to be around US$570 C&F.