Chicago corn and wheat futures closed in the green, a good effort for corn considering the sharp move lower after the WASDE data on Friday night. Wheat data was not that bearish in the report, it is pretty safe to assume wheat was collateral damage.
Chicago soybeans did not follow wheat higher, closing lower across the board. Canada had a day off, so we don’t have a Winnipeg canola number to compare with Chicago beans. Paris rapeseed was trading mixed, sharply higher in the near to expire November slot. While the outer, more active months, were -€0.25/t in the Feb slot and +€0.50/t in the May slot.

The strength in the Indian rupee will put a smile on the face of chickpea growers here in Australia today. The rupee is at a six month high, up strongly against the AUD and countering a 29Rs/Q move lower in Delhi chickpeas to a significant increase in the conversion to AUD/t compared to Friday. The move is a gain of AUD$13.50/t to conversion. This is against the flow in Delhi values, which may mean some traders will be reluctant to pass the currency gains on.

Zelenskyy is continuing to blame Russia for the lack of access to Black Sea grain. All the while conducting drone attacks on ships in the Black Sea. Talk about the pot calling the kettle black. In an attempt to draw pressure from importing nations the current narrative is there will be a world food shortage in 2-3 months and prices will explode as Black Sea buyers can not access wheat from Ukraine and Russia. All the while internal values in Ukraine and Russia continue to fall. You can see the picture being painted can’t you. Let’s say Zelenskyy’s rhetoric is correct, and prices explode in 2 months, in December, in the middle of harvest in the southern hemisphere, that would be interesting. Let’s exclude NTL port wheat from this market. US wheat is still cheaper than Argie, French or Canadian wheat into the Asian market. Who then would be the winner in wheat in a drawn out Black Sea conflict.