The downward trend in Paris rapeseed futures and Winnipeg canola remains firmly intact. Paris rapeseed shed E12.75 / tonne on the nearby contract last night. Taking moves in the AUD / Euro into account the fall equates to AUD$12.17 per tonne.
The sharply lower AUD against the Euro is helping that conversion quite a lot. The AUD was mixed, sharply lower against the Euro but firmer against the Yen, generally lower against the USD and our other major trade parties including the Rp and Yuan.
Winnipeg canola followed the move lower in Chicago soybeans which shed 19.25c/bu (AUD$10.60) on the nearby, ICE canola shedding C$9.20 per tonne on the nearby contract.
Talk of increased oilseed area and decreased wheat area in Ukraine could be eroding what had been historically high oilseed values into Europe. There is also talk of reducing the amount of EU bio diesel from oilseeds, talk about wanting your cake (tofu) and eating it too.
Judging by the number of fuel stations being set ablaze in France, last count by some sources were said to be as high as 1800, and reports that protesters are now heading towards refineries, makes one wonder if they might not need more canola oil in the short term not less.

China picked up another 136kt of corn. This takes total Chinese corn purchases over the last week or so to 2.247mt, move along, nothing to see here, Chicago corn back 3.5c/bu. Dalian corn futures were also lower, back Y47 (AUD$10.24) in the July contract. Looking at corn values it is starting to become obvious that Aussie sorghum is not reliant on the Chinese feed market to create the current demand, it is coming from the “wine” market. Ukraine corn can land at China for AUD$60 less than Aussie sorghum. Aussie sorghum is now even more expensive than US sorghum into China.