Corn futures at Chicago were always going to struggle to continue to follow wheat higher. The corn belt in the US, apart from a little heat last week, is basically having a pretty good run with some parts a little too wet if anything. Soybeans are in the same boat as corn realistically so look for direction in canola from the ICE canola market or probably more so from the Paris rapeseed contract.

The GFS weather model suggest the Canadian and US spring wheat belt may see a few showers on Friday. Apparently this is why markets slipped away last night. There was also some talk that some of the punters were expecting to see an improvement in the weekly crop rating for spring wheat. With the crop progress report hitting the wires after the close in the US it may have an impact on their overnight market. The report actually shows a further decline from 45% G/E last week to 41% G/E. This may fire the market back up tonight. With 10% of the N.Dakota spring wheat crop now headed it does show that things may be too far advanced to take advantage of further rainfall anyway. I’ll see what the ND Wheat crop report has to say about durum tonight.
The winter wheat crop condition also declined. Kansas is unchanged at 46% G/E and is about 25% harvested this week (22%LW). Yields have been better than expected in eastern locations but most expect to see poorer yields as the harvest moves NW this week.