The news is that China has bought at least five cargoes of US soybeans, around 300kt for Sept / Nov delivery. There’s been no official confirmation of the deal, and there is also trade speculation that the sale could have been as large as 600kt. The news pushed Chicago...

The French wheat crop rating is starting to reflect reality now. Weeks of below average rainfall and then a heatwave, moved southern fields into harvest quickly and clipped the yield potential of wheat in the north. Week on week the condition rating for French soft wheat fell 6pts to...

US weekly wheat export sales were poor. At 300kt it was at the low end of trade estimates, 300-600kt, leading up to the release of report. Soybean numbers were abysmal while corn fared a little better, but not great. The old saying is “the bulls need feeding every day”...

The screen has a lot of green on it this morning. US wheat, corn and soybeans at Chicago are all higher. There are gains in EU milling wheat and London feed wheat. Paris corn futures were either side of unchanged, and Paris rapeseed closed up €4.00 in the February...

Winnipeg canola and Paris rapeseed futures rejected the recovery process going on in the Chicago wheat, corn and soybean pits. Instead plotting its own course lower. Winnipeg canola futures shed CAD$8.80/t in the January 2027 slot while Paris rapeseed fell €6.00/t in the February 2027 slot. WTI crude oil...

The US weekly crop progress report was out overnight. Not that anything in that report was likely to change the direction of the US futures market. A sea of red is on the screen this morning. Wheat, corn, soybeans, US grains all sharply lower. End of month positioning, probably....

US wheat futures pushed lower. There doesn’t appear to be enough punters happy to stand in front of a fund manager with a sell order and argue about fundamental support just yet. Will talk of higher interest rates in the US bring buyers back to grains, the traditional hedge...

US corn futures saw some nice gains, but more so soybeans. The punters are calling the predicted heatwave in the states the key driver there. One might get on board if it wasn’t for the fact a lot of the corn, and soybeans, are sitting in mud. In some...

The 2.25% decline in the AUD against the Indian Rupee is probably not the biggest thing to happen in the grains industry overnight, but it’s a thing worth looking at. The Delhi mandi price was relatively stable overnight. The average price by the close was roughly 5949Rs/Q, up just...

I don’t know how small a US wheat crop needs to be, or how dry it needs to be in France, or how many bombs Ukraine and Russia needs to exchange, to sustain a wheat rally, but if obviously has to be much worse than what we are seeing...