Oilseeds were the big winner in last night’s sessions. In the futures markets Chicago soybeans moved 14.75c/bu (AUD$7.43) higher to close the January slot at 1260c/bu (AUD$635).  Soybeans were helped higher by outside markets, mainly in the energy sector. Local US basis was also firmer. The Biden administration stated they will encourage China to fore fill it’s Phase 1 trade deals struck with the Trump administration. This took the market by surprise and was viewed as potentially bad for US exporters initially.
Paris rapeseed futures were sharply higher overnight, gaining thirteen euros on the nearby contract. ICE futures for Canadian canola were also firmer, pushing C$15.60 higher for the Jan22 slot. The cash market across SE Saskatchewan reflected the move and managed gains of C$16.00 for a Dec 21 lift, taking the average ex farm bid there to C$894.85 per tonne.
Black Sea offers were noted as unchanged. Offers CiF China are sharply higher week on week with Oct / Nov delivered last priced at US$821. This reflects a price equivalent to roughly AUD$1026 ex farm LPP. It also raises the question does China demand ISCC certification.

US wheat futures succumb to a round of profit taking after gaining 50c/bu (AUD$25) since this time last week. Spring wheat futures weathered the storm the best. MGEX slipping just 4.75c/bu on the nearby. The move lower was basically reflected in cash bids across SE Sask with 1CWRS13.5 wheat there slipping C$1.89 to C$395.71 ex farm.  Cash offers for US wheat out of the PNW were generally lower apart from white wheat, which managed to take back most of last week’s losses, on paper at least.