Chicago soft red winter wheat futures were the biggest loser last night, shedding 10.75c/bu nearby and 10c in the Dec23 slot. The hard red winter wheat and spring wheat contracts did not reflect this move lower and actually closed a smidge higher. Soybean futures at Chicago were the biggest mover overnight, putting on 16c/bu in the November slot. Strength in US beans spilt over into the Winnipeg canola market and there were also gains in Paris rapeseed futures.
MARS, a company that largely uses satellite data to predict yields for grain crops around the world, reduced potential yields for EU rapeseed. Although the adjustment was minimal it did confirm reports that recent wet weather had caused a few issues with the crop. Falls of 30-70mm across much of Germany and northern France over the last 14 days continues to cause issues with both cereal and oilseed crops still in the field. The wet weather was also active across NW Russia, around Moscow, rain not the only thing falling from the sky in that part of the world.

Talk that Putin and Erdogan were going to commence talks to re-establish the Black Sea grain corridor for Ukraine exports was perceived as negative for grains. In reality Russian exports have hardly been affected by the deal, or lack of a deal. Ukraine exports have been lower, but so has there exportable stocks. Ukraine port capacity may be the next issue. Bombing along the Danube and across Odessa may see volume out of Ukraine limited somewhat. The decrease in the level of the Dnipro River where the dam was breached is expected to limit irrigation potential for the region to the SE of the lake. There is also the worry that the water may fall low enough to have an impact on the ability to cool the nuclear power plant that also uses the lake. A meltdown there is a whole new ball game, probably very unlikely but worth keeping an eye on, 2023 has been a shocker.