Paris rapeseed futures were sharply lower in overnight trade, shedding E12.75 on the nearby contract and E9.75 in the Feb 24 slot. Taking the variation between the AUD / Euro into account this move could represent a change of almost AUD$20 per tonne locally if basis remains unchanged today.
This level of volatility was not reflected in the Chicago soybean pit, but Winnipeg canola did slip further, down C$5.40 on the nearby and C$7.40 for the Jan24 slot.

Soft red winter wheat futures at Chicago were lower again, hard red winter wheat futures were flat to firmer as were spring wheat futures at Minneapolis. Conditions remain dry in the US HRW belt. Temperatures are staring to climb, Topeka seeing 23C today while on Monday the morning got down to -3C. Stressed wheat matures fast, so keep an eye on wheat breaking dormancy early and frost damage. Mornings across north and western Kansas could become cold on April 1st, potentially dipping into the low 30’sF across the north and lower into Nebraska.
Temperatures may also slip below zero across parts of the Black Sea region today and tomorrow morning. The spring wheat districts of Kazakhstan are still very cold.

There has been confirmation that Glenore’s grain marketing arm, Viterra, will exit the Russian market. Viterra is one of the largest wheat exporters out of Russia. This follows an announcement that Cargill has told the Russian Ag Ministry that it too will stop exporting Russian grain from July 1st. Exporting Russia wheat has become difficult since Feb 22, payment, insurance, and execution issues, combined with their export tax are limiting opportunities.