It was all about soybeans last night, and the impact Hurricane Helene will have on production. For those of you punting cotton there is also a chance for significant crop losses in US cotton.
Corn and soybeans, more so beans, were the clear winner last night. Fields east of the Mississippi are expected to see rain delays while west of the Mississippi is expected to remain mostly dry. The mid term modelling shows more seasonal warm, dry weather will follow Helene across much of the US and should assist with the completion of the summer crop harvest.
Soybeans also found support from continued dry weather in Brazil which is creating some localised planting issues.
Strength in the US soybean market spilled over into Winnipeg canola, closing higher. The same can not be said for Paris rapeseed futures though. Paris saw a lower close across all old and new crop months.
The other issue is the AUD, which is now above 69USc. The AUD made some big gains against currencies other than the US dollar this week too. The AUD / CAD conversion has moved from 92c on Wednesday to 93.29c last night. This increase in the AUD against the CAD actually turned the higher close at Winnipeg last night into a potential lower move here once converted to AUD and compared to yesterdays conversion.

Ukraine has confirmed that they expect to see a wheat crop some 9% lower than this year as dry weather continues across the Black Soil region of the Black Sea. Russia and Ukraine have seen less than 20% of average rain fall over the last 30 days. None of the major forecast models expect things to change a heap for Black Sea wheat producers over the next 7 days, dry weather persisting with patchy falls of up to 20mm in the NW.
Brazilian weather predictions vary but are generally looking a little better, unless it involves harvesting wheat in the SE, good luck with that, remaining wet there.