US futures were a little mixed with a short week and Dec options expiring. The tone from both the technical and fundamental side of the market was not bullish for wheat and corn. Soybeans did manage a higher close at Chicago although Paris rapeseed was off a couple of Euros. Outside markets were generally lower with both gold and crude oil slipping.

There was fairly good volume in corn options with expiry seeing around 5.6mt of both calls and puts still open. Once the technical side of this market is put aside next week we should see the trade concentrate on some very healthy US corn export numbers. Although world production is huge we do see good demand starting to surface as consumers look to buy cheap grain.

US soybeans set a four month high but in the process but are starting to look a little overbought. World oilseed values are strong compared to US soy oil thanks to a stronger USD. Good rain is expected across S.America over the next couple of weeks so the fundamental strength in US soybeans is likely to be tested unless China continue to buy large parcels of US beans. Strength in soybeans may roll into local canola values on Monday but with the trade continuing to gouge basis this is looking less and less likely.