- Today has been somewhat dull with the exception of an explosion to the upside in Paris rapeseed, caused by news that there is to be an import tax on Indonesian and Argentine bio-diesel with the resultant EU domestic crush growing. This news was sufficient to raise not only Paris, but Canadian rapeseed and put some support into CBOT beans. The close in Paris saw the market give back nearly half of the day’s gain.
- Today’s gain in soybeans has filled yesterday’s “gap”, albeit earlier than we expected, but does pave the way for lower prices if the market feels so inclined. We stated yesterday that the “gap” was likely to become an upside target and would probably be filled in a rally from lower levels.
- US harvest pace is likely going to see a slowdown into and over the weekend as wet conditions interrupt progress. Elsewhere we hear that a planting window is possible in the wet Ukraine as dry and warmer conditions move in, potentially allowing seeding to progress from its lacklustre start.
- There is little else in the sway of fresh or startling news tonight.