US futures markets were lower across the board, corn, wheat and soybeans at Chicago all shed value by the close. Across the Atlantic the EU exchanges were all green, London wheat higher, Paris milling wheat higher, Paris corn higher, all by good margins. Paris rapeseed was E7.50/t higher nearby and +E6.50/t in the Feb 2027 slot. Better values for Paris dragged the Winnipeg market higher. Both canola and rapeseed futures moving against the trend lower in WTI crude oil and Brent crude. Palm oil was firmer, not as volatile as last week, but closing up AUD$3.44/t nearby.

The weekly USDA crop progress report help no surprises. Corn and soybean G/E condition ratings were unchanged at 68% and 66% respectfully. The winter wheat G/E rating fell 1pt to 26% as the US winter wheat harvest progressed to 40% complete.
The last Kansas wheat association harvest progress report was out on the 17th. It pegged the Kansas crop at 28% harvested, Texas 75% and Oklahoma all but done. Average protein is running at just under the 5 year average. As one US producer put it, at least the test weight is poor too. Looking at the test data for the samples collected to date the test weight doesn’t look too bad on average though. At 79kg/hl it’s just a smidge under the 5 year average.
The US wheat harvest is moving into the soft red winter wheat regions to the north now. Crop condition ratings are better there, but production is expected to be back a bit on last year. No disease has been noted in the SRWW as yet.
The US durum crop is all but finished being sown. Fields are germinating well and recent rain was beneficial. The N.Dakota crop was rated at 84% G/E late last week. There are no major issues threatening the US durum crop for now. Temperatures across the US and Canadian durum belt remain below average. 10-20mm of rain fell across many fields in the US and the Canadian Prairies over the last week. With prediction of more rain across the US and Canadian spring wheat belt, the US corn belt and the HRWW belt in the US, it may hinder wheat harvest, but should assist spring sown crops.