It’s pretty much a sea of red at the world’s major futures markets this morning. Chicago soybeans and Paris rapeseed are the worst performers.
Paris rapeseed shed E11.75 on the nearby contract and E10.00 on the Feb24 slot. Looking at movement between the AUD and the Euro the move could, given a flat basis locally, represent a fall of about AUD$11.40 in local canola prices today.
Interestingly the Winnipeg canola contract closed flat to slightly higher, the nearby contract gaining C$0.90 per tonne. This may have a little to do with the current blizzard conditions across much of the northern US and Canada and the potential delays unfolding for spring field work.
Current conditions in Crookston Minnesota are a white out, -2C and 20-30cm of snow on the ground and gusty winds. Conditions there are unlikely to improve much before about Saturday. Thursday there could drop as low as -15C.
Further north at Regina Saskatchewan a low of -19C is expected on Wednesday morning. Day time temperatures not pushing above zero before Friday and then only seeing a range of 1C / -4C. With more snow predicted across the Canadian Prairies on the weekend temperatures are not expected to push above zero until next week, field work could be difficult hey.

Cargill have clarified their stance on shipping grain out of Russia. Previously this week it was assumed that Cargill was not trading / shipping Russian grain but in a clarification letter Cargill have said they are ceasing to “elevate” Russian grain but will continue to “ship” Russian wheat. So, what does that tell us, well I guess that they have been kicked out of / sold off / walked away from / leased out, their elevation facilities as of July…..maybe….
Louis Dreyfus have joined Viterra, stating they will stop exporting Russian grain from July 1st. LD is currently trying to sell their Russian assets.