The USA had a day off to celebrate the abolition of slavery. Turning our attention to alternative futures markets we see that the Paris milling wheat contract was down €2.00 in the September slot and –€1.50 in the Dec slot. London feed wheat futures were £0.85/t lower across the board. Paris corn was €1.00 higher and Paris rapeseed managed a higher close after 4 of the last 6 closes have been lower, up €1.25/t in the Feb 27 slot.
A quick glance at the major world cash wheat indicators shows wheat generally following the trend in Paris futures lower, but not dollar for dollar. Canadian spring wheat was down just half a dollar.
Canadian durum wheat unchanged. Cash prices for 1CWAD13 out of SE Saskatchewan show a premium for nearby pickup, CAD$292.73/t for a July lift versus CAD$282.31/t for a September lift. Some durum values in France saw a sharp decline in value overnight, while others did not. Potentially a mixture of harvest getting underway and opportunistic traders. Most locations saw minimal loses in day to day price. French C&F offers for durum into N.African and Italy were generally unchanged.

Temperatures pushed into the low to mid 30sC across France yesterday. With wheat harvest getting underway the higher temperatures may result in some quick progress. The seven day forecast for France is for some light scattered showers in the south and central regions, with possible heavier falls in the north. Poland and Germany will also see some heat prior to isolated rainfall towards the end of next week. With wheat crops not so far advanced across Germany and Poland there is a slight chance the current heat will check yields in a few of the drier fields. Probably not as bad as that massive drought a couple of years back when it was a complete disaster and yields fell to as low as 6 to 7t/ha………….. EU drought and dry, isn’t like Aussie drought and dry.
Palm oil rallied well last night, up approximately AUD$27.00 in the August slot. El Nino, higher fuel mandates and government intervention all pushing values.