Chicago soft red winter wheat and hard red winter wheat futures staged a minimal recovery overnight, both closing in the green. Minneapolis spring wheat futures went the opposite direct at the futures exchange and out of the PNW cash market.
London feed wheat was slightly weaker and Paris milling wheat futures found no support, slipping again and closing the session back E3.25 / tonne in the May slot.
Paris rapeseed was flat, trading E0.25 / tonne either side of the previous sessions close for the closest two contracts. Strength in Paris rapeseed was likely spill over support from the stronger values in Chicago soybean futures. Both soy oil and soymeal futures at Chicago improved from the previous session.
Oilseeds found support from the palm oil market in Malaysia. Palm oil futures reversed the losses of the previous session and closed a little higher. Heavy rain across Malaysia is threatening palm oil production in some parts. Continued delays to the Brazilian soybean harvest is also a slight problem. Brazil is still expected to produce a records soybean crop though. This should greatly counter the drought affected crop in Argentina resulting in a YoY increase in S.American soybean production.

Talk of an Australian winter crop some 20% smaller than last year is supportive of the wheat market. The wheat arena already has a number of developing problems around the globe and adding a sharp decline to Aussie production is placing the jerry can next to what is starting to look like a small bon fire. As a counter argument that US wheat values are too high Taiwan picked up 49kt of US milling wheat. As high as US prices are the export pace isn’t poor.