US futures were mixed, corn and soft red winter wheat were lower while soybeans and hard wheats were higher. ICE canola futures were limit up across new crop months again with Paris rapeseed futures following the lead at Winnipeg.
Technically we see corn futures going into Monday’s USDA World Ag Supply and Demand Estimates report as oversold in the December slot. This may produce some good buying momentum if the report hold any surprises. Being already over sold may also buffer any sudden sell off if the report is a little more bearish than anticipated. There’s a big gap in the chart around 574c/bu, we often see gaps filled.
We will overlook SRWW futures in favour of HRWW futures at Chicago for now. Technically we see HRW futures for the December slot are also oversold and with a gap around 620c/bu, 15c/bu above current settlement value.

Looking at the 1-7 days rainfall map for the northern US plains and the Canadian Prairies we see mostly dry conditions across the durum belt. Some storms towards the mountains in Alberta may help canola a little but generally much drier than required. In the US the central corn belt is forecast to see heavy rain again with SE Iowa pencilled in for falls of up to 150mm in storms.
Spring wheat bids across SE Saskatchewan were generally C$3.00 to C$4.00 higher overnight, durum flat to a bees dick lower, while canola bids pushed C$30 higher to C$815 / tonne ex farm, following the move in futures.
Cash bids for 14% dark northern spring wheat out of the US PNW were firmer at US$353 FOB, using Japan as a home, AUD$413 NTL equiv.