Technically US wheat futures were a little oversold after the last few days and were looking for a higher close. It doesn’t look like a turnaround or a trend higher in the midterm but technically speaking the downside is limited from here without any dramatic fundamental changes.

China has increased imports of Canadian canola meal, this is due to two things. An increase in import duty against some US products like DDG which had initially filled a gap on meal imports from Canada. The import restriction on DDG came about in an attempt to help China’s domestic market chew through the large pile of corn the government is sitting on.
A higher crush output in Canada and good crush margins there have also seen a big push by Canadian exporters into China after more Canadian plants were authorised by China to export.

Interesting to see Nigeria have stopped wheat imports from Russia. This doesn’t make a lot of sense. Officials in Nigeria are simply saying they are spending too much money on wheat imports and have told Russia they plan to stop this but have also asked Russia to come and show them how to grow more wheat so they can stop buying theirs. Top shelf N.African logic right there gents.