Victoria Day public holidays in Canada means we don’t have an ICE canola number to work with this morning. Paris did trade overnight, the nearby contract for rapeseed slipped E9.00. The Feb23 slot also fell but only by E5.25 / tonne (AUD$7.90).  Paris rapeseed may have taken its lead from the Chicago soybean market which closed just a little above the session low, at 1686c/bu (AUD$871.53), down 18.25c/bu (AUD$9.43). Soybeans did find a four week high early in the session. Doing so may have been what triggered the technical selling and profit taking.
Bargain hunters were said to be active in the wheat pit. After sharp moves lower over the last three session and little change in global fundamentals some believe that the recent fall is presenting them with a buying opportunity.
In Europe, forecaster MARS reduced its expected average yield for the soft wheat crop. Reflecting a number 2.5% lower than last year and pegged at 5.89t/ha. The number obviously snubbing the current dry spell across much of France, that’s not expected to change this week.

The USDA released their weekly crop progress report after the close. Corn sowing is approaching the five year average and is now 72% complete. A week on week increase of 23%.
Around 63% of the US winter wheat crop is now in head. Kansas is sitting at 86% headed, that’s 6% ahead of the 5 year average for this time of year. Crop ratings improved a little but at 28% G/E it’s still very bad. The P/VP rating improved week on week from 41% last week to 40% this week. One might think at this stage of the crop yield potential is now limited and may have more downside than upside potential as grains begin to fill. Kansas is expected to see some good rain over the next 7 days, for their sake I hope it’s not too little too late and what grains are there are filled plump.