Dry sowing issues across Russia and Ukraine, wet weather across the Brazilian crop at harvest, frost damage to fields across southern Australia and cold dry weather across Argentina were all fundamental factors backing some much needed technical buying in Chicago wheat futures last night.
Weekly US wheat export inspections were also better than trade estimates prior to the release of the data. The highest trade estimate leading up to the report was just over 650kt, the USDA reported number was just over 710kt. The US continues to make good export sales into both Asian and S.American markets.
Grain trade association Cocereal joined the list of analyst that have recently reduced their wheat production estimate for the EU and Britain. Their quarterly estimate 10% lower than their last stab at the data in June. Now back to just over 126mt but still 2mt higher than the estimate in the September WASDE.
International wheat has seen more positive price news than negative news over the last few weeks. Thus we’ve seen a slight recovery in Chicago wheat futures. The December contract closed at 549c/bu back on August the 7th.

The weekly US crop progress report pegged their corn crop at 14% harvested. The “I” states making some good progress, Iowa the slowest with just 5% in the bin. Further south the Texan crop is 85% harvested, the same percentage as there sorghum crop. Oklahoma sorghum is 26% off, well ahead of the 9% 5 year avg and Kansas has 11% of their sorghum in the bin. There are no real big surprises in the report, cotton G/E rating was back 2pts which may keep the pulse pumping in cotton again tonight. 25% of the US winter wheat crop is now sown almost bang on the 5 year avg pace. Spring wheat harvest in 96% complete.

Paris rapeseed futures were sharply higher overnight, closing +€11.75 / tonne in the Feb slot, a good rally in Chicago soybeans helped the momentum.