US futures went through a round of technical selling over night after week on week gains. Profit taking resulted in declines for soybeans, wheat and corn futures at Chicago.
The decline in futures were reflected in cash values for wheat out of the US Pacific Northwest. The HRWW day to day conversion comparison there declined roughly AUD$4.35/t. Should note white wheat out of the PNW was up AUD$2.54/t compared to yesterdays conversion.
The clear winner in last nights futures markets was Winnipeg canola. Is the slight rally in crude oil the key to this, if so why did soybean not follow. Why did palm oil rally just AUD$3.53/t in the Dec slot. It wasn’t just Winnipeg canola futures that rallied. Paris rapeseed futures were also sharply higher, gaining €9.25/t in the Feb 2026 slot. Sown area in Canada is large, this is currently being over looked as flooding takes a few fields out of play. The bigger problem in my eyes is probably the EU production estimate. As with wheat and barley, now the header is in the field the average yields are a little below where they were expected to be. This has a few punters looking to support vegie oil. Combine this with the volatility in oil futures, this weeks jump in soybeans and a WASDE due out on Friday night, and we may be seeing speculative money finding somewhere to park.
Cash values for canola and rapeseed around the world were generally higher, not as high as the futures markets in some cases. Ukraine values were up roughly AUD$6.50/t compared to yesterdays conversion. FOB Rouen values were up about AUD$10.50/t compared to yesterdays conversion. The main question to ask now is, will Canada produce a record crop from their record sown acres. Some believe not.

Europe may well be the key to better prices but as they say, stairs going up, elevator going down. The punters have aggressively bought Paris corn futures, setting an all time record long. With no significant rain in the forecast and another week of mid to high 30’s being predicted, they may be in the money.