With little fundamental support wheat futures in the US succumb to technical selling and profit taking. All three major US wheat grades shed value both on the futures market and out of the Pacific Northwest cash FOB market.
Paris milling wheat and London feed wheat followed the US markets lower. Paris milling wheat slipping €2.25/t nearby and €2.00 lower in the May slot.
The futures markets was weighed down by losses in Chicago soybeans and corn. The former weighing heavily on both the Paris rapeseed futures and Winnipeg canola futures. Chicago beans shed 23.75c/bu (AUD$14.04/t) nearby and in the May slot. Paris rapeseed was sharply lower, back €11.00 / tonne nearby and €13.50 per tonne in the May slot. The Feb 2026 slot for rapeseed shed €6.25 / tonne. Winnipeg canola was hit hard, both the March and May slot shedding over C$23.00 / tonne.
Temperatures in Argentina remain high across the north, pushing into the low 40’s. The major soybean production regions have been hot but have been missing the hottest weather. Rainfall in the major soybean and corn regions of Argentina has been scarce over the last 14 days. The forecast does show the chance of 10-30mm across of lot of Cordoba and Santa Fe towards the end of next week. The forecasters haven’t been right for Argentina of late, the last change was promised to bring some relief but generally failed. Conditions for the Brazilian crop, now being harvested, could be better. Rainfall is a feature across most major production regions, hindering soybeans and first crop corn, while possibly helping second corn .

Delhi market chickpea values have fallen this week. The Delhi market is often volatile, so moves of $15 – $20 per day are not that uncommon. Moves like this on an almost daily occurrence can make pulses hard to trade, that and the obvious counter party risk. Week on week Delhi market values have slipped roughly AUD$43.00. Indian values still remain above the minimum support price, but are closing the gap as harvest approaches.