Soybeans and spring wheat futures bucked the trend set in corn and other US wheats to close a little higher last night.
Good weekly export numbers from the US helped beans stage a late recovery and close in the black. Corn was lower on the back of a better weather map next week that should see the US harvest pace pickup. Wheat had a reality check and realised that the world is still awash with wheat.

Showers are expected to persist across the Canadian Prairies thus spring wheat futures were firmer. Quality concerns shroud the last half of the US spring wheat harvest and a large chunk of the Canadian crop. Harvest in the south of Saskatchewan, the major durum belt, has progressed between falls and should see the lion’s share of the crop in the bid by the end of next week. Snowfall was reported across some parts of Minnesota and Canada this week.

Showers across eastern Ukraine are expected to move west into Russia this week. Winter wheat sowing around the Black Sea will benefit from the showers. Ukraine rapeseed area is up 27% year on year. Good demand from the EU states has seen Black Sea canola acres increase dramatically. With a larger Canadian crop in the bin and Ukraine crop for 2017, prices for 2017 maybe lower.