Over the next couple of days the December contracts close out at Chicago. Volume in December contracts is already minimal with most activity now concentrated on the March 17 slot. Corn and wheat futures at Chicago were mostly flat while soybeans saw some downside which spilled over into Canadian canola values. Across the Atlantic the Paris rapeseed contract was firmer by one Euro closing at €413 / tonne in Feb.
Dry weather in Argentina prevented the US soybean market from falling further but big world stocks are starting the weigh on values.  Chicago wheat done well to finish in the black after a poor start to the session where it initially shed around 5c/bu. Weekly exports out of the US were also poor and combined with pressure from the lower row crop values it was a good effort for wheat to close a little firmer. Corn values are linked to fuel prices now with so much of the US crop going into Ethanol production. Stronger oil prices did help corn initially.
Chinese corn values also slipped a little, May corn there is now trading at just under AUD$300 / tonne. This would indicate that Aussie sorghum values should continue to find support around current values as recent years have shown that sorghum is likely to trade at a premium to corn on the Chinese market. Further falls may pressure our local values though as the feed mills here will not pay a premium to wheat for sorghum. It continues to make sorghum look like a sell at present.