US futures market were a little unsteady last night. Soybean futures lead the Chicago market lower, slipping 12c/bu on the nearby. Wheat at Chicago was a tad softer and spring wheat a tad firmer at Minneapolis.
Corn followed the trend lower off just a couple of cents nearby and a few more in the outer months.
The big loser was rapeseed and canola futures.
Paris rapeseed shed E15 on the Feb23 contract, not far off AUD$23 at today’s money. Winnipeg canola was also lower, sharply so on the nearby which fell C$32.30. The Jan23 slot wasn’t hit as hard as the converging nearby contract but still shed C$12.10 to closer at C$1060.10.

Wheat found weakness from news that Russia was offering Ukraine a “humanitarian corridor ” to the Black Sea in return for the easing of some of the current sanctions. The market viewed this offer with a sceptical eye for a number of reasons. The damage done to export facilities is one but the other is the expectation of mines having been placed around the Black Sea ports of Ukraine.
So if this wheat is still in the silo at the port, if this wheat can be loaded onto a boat, and if that boat can get in and out of the Black Sea without a big hole in it, we may start to see more pressure on world wheat prices. There’s some big “if’s” in there but they are these are the first real prospects we’ve seen to increase Black Sea volume for some time.

Pakistan saw 500kt of wheat offered against their most recent tender. The average price is reported to be about US$515.49 / tonne C&F.