Chicago and Minneapolis wheat futures gained a little value in overnight trade. There was also better values at Paris and London exchanges.
Paris led international wheat values higher. Rain in France and Germany continues to be an issue and is hampering the finalisation of harvest. Quality on as much as 50% of the French and German crop was compromised, and much of it will not make milling grade.
French soft wheat was downgraded further, the condition rating slipping another point lower to 47% G/E, 31% of the crop is rated as fair and 19% of the crop is rated poor to very poor.
This weeks small bounce in both Paris rapeseed futures and Winnipeg canola futures was short lived. Both exchanges suffering heavy losses last night. Combining the decline at Paris, €10.00 lower on the Feb25 slot and Winnipeg, C$13.20 lower in the Jan25 slot, with the firmer AUD. The day to day conversions show declines of AUD$19.59 for Paris and AUD$17.73 for Winnipeg, not exactly what the canola grower want’s to wake up to see on a Saturday morning.

Delhi market chickpeas continued to push higher, closing up Rs118/q. The move was countered somewhat by the rally in the AUD. Roughly the move converts to about AUD$10.29 when taking the AUD/Rs into account. For the week the Delhi market price improved about 544Rs/q or 7.39% over last Friday’s value. Locally the track price actually declined about AUD$2.00 per tonne week on week. When considering the AUD/Rs moves, the Delhi market was up roughly AUD$79, something here not look what it like.

The IGC trimmed 200kt off their durum estimate for Canada in their last update. Pegging production at 6.1mt would see yields needing to average about 2.36t/ha. With the stress caused by this summers heat wave a yield this low is entirely plausible.