It’s a sea of red out there again today. Technical Tuesday, call it what you will but the sellers were firmly in control last night. Wheat, soybeans, corn, rapeseed and canola, all seeing double digit losses. Chicago soybeans, thus rapeseed and canola, appeared to fare the worst.
Soybeans have been sailing against a headwind for months now. A record S.American crop and slow US exports forcing most longs out of the bean market. Some delays in Brazilian exports being the only light in recent times.
The sharply lower soybean market weighed heavily on Winnipeg canola and Paris rapeseed. Winnipeg canola was already under pressure from improving weather conditions across Saskatchewan. The weather outlook for the Canadian Prairies looks excellent, much of Alberta and Saskatchewan are expected to see 25-75mm over the next seven days, much of that heavier rain falling in the drier parts of the main canola producing regions.

The weekly USDA crop progress report was out after the close and it won’t help the bulls tomorrow. Corn planting is progressing well, 92% sown vs the 5-year average of 84%. The dry weather in the “I” states is keeping the condition rating a little lower than this time last year though. 69% of the corn crop rates G/E vs 73% this time last year.
Soybean planting is cracking on too, 83% sown, well above the 65% average. Cotton sowing is 60% done, the average is 62%.
Around 72% of the US winter wheat crop is in head now, Kansas is pegged at 84%. The crop rated in the G/E range increased 3%, now at 34% for the entire US winter wheat crop. Kansas was rated at just 10% G/E and a whopping 69% P/VP.
US wheat values plunged in overnight trade, imports now filling slots closer to the ports as opposed to consumers buying expensive domestic wheat.