The funds were back in the Chicago grains market last night, picking up corn, soybeans and wheat. Corn and soybeans were the main beneficiaries and both managed a higher close. Wheat was mixed, SRWW a tad lower, while HRWW and spring wheat futures managed a few cents more by the close.
The cash wheat market across SE Saskatchewan was also firmer, up about C$1.95 for a December lift and just under C$4.00 nearby. Durum values across SE Sask continued to march higher, gaining C$6.87 on average for a Dec lift, taking the average ex farm price there to C$506.15, C$14 under the nearby premium.
Canola cash and futures in Canada were firmer, cash bids putting on C$13.09 for Dec lift XF SE Sask and Winnipeg futures gaining C$13.10 for the Jan 24 contract. The firmer Chicago soybean market also helped Paris rapeseed futures close in the green, up E6.75 on the Feb24 slot. Taking movement in the AUD / Euro into account this amounts to potentially a AUD$13.43 per tonne upside move here today given flat basis. Local bids to Paris futures did shed a considerable amount of basis yesterday, considering the weaker AUD.

French durum values out of Port La Nouvelle were sharply lower, narrowing the gap between French and Canadian values into the Italian market. When converting both French and Canadian values to an equivalent LPP price using Italy as the consumer we now see the spread between the two at just AUD$7.00. This is the narrowest this gap has been for a long time. The poor condition of the Canadian crop and the lack of quality in Europe, particularly Italy this year, is the major influence.
Black Sea issues have generally been overlooked this week, the trade instead concentrating on the US harvest and weather.