A good rally in US soybean futures kept corn and wheat in the black in overnight trade. On a risk off kind of US market the main money flowed back into things like oil and out of gold and bonds.
Speculation rolled into ag products as well with most funds extending long positions in soybeans but also establishing a slightly more bearish bet on corn and wheat.
Slow farmer selling in the US is supporting corn (feed grains) basis in the cash market there, unlike what is happening here. But the fundamental reality of huge world stocks of corn and wheat continue to weigh on all futures markets and temper any real rally.

Oilseeds, well at least on the global market, continue to move higher. Prices in China rallied hard overnight with Dalian futures up AUD$40 / tonne. Although soybean oil in China was a little softer most other vege oils around the world were firmer with palm oil and Paris canola all higher. The only thorn in the side of Canola came from the ICE which somehow managed to close back C$2.00 / tonne on the nearby contract.
The funds continue to be net sellers of wheat though and this is hurting any attempt to the upside. Huge world stocks, good production and carryover stocks you can’t see the end of will all see the grower as a carrier of wheat into the new year.