Mixed for grains, higher for oilseeds.

CBOT Wheat was down -0.5c to 418c

Kansas wheat down -0.75c to 415.75c

corn up 2.5c to 348.25c

Soybean up 6.5c to 991.25c

Winnipeg Canola up 2.40$C to 521.1$C

Matif canola up 3.5€ to 378.5€

Dow Jones up 58.66 to 23435.9

Crude Oil down 0.19c to 54.23c

AUD up to 0.767c

CAD up to 1.286c (AUDCAD 0.987)

EUR was down to 1.162c (AUDEUR 0.659).

Soybeans had a better day today, with a slightly higher range as a stronger vegoil complex helped to uncover a bid. Soymeal was up $2 per tonne, while oil was 21 points higher. Upside momentum still feels capped by improved South American production potential. The USDA showed oilseed crush figures of 3.96mmt, which was down 4.12% from August, but still higher than last year.

Canola was stronger again, breaking through resistance at $520 and looking to push towards $530. Limited domestic rapeoil supplies in China is prompting increased imported oil and seed demand.

Corn featured a 4 cent range today and managed to finished with slight gains. Ethanol production came in at 1.056 million barrels per day, which is a touch higher than last week’s figures and the largest production since early September.

Wheat market posted mild losses with an inside day which featured heavy increases in open interest. The funds continue to pile in, with open interest growing 18.7k contracts in Chicago and 7.3k contracts in Kansas. Russian prices have firmed slightly as new month carry kicks in. Iraq are tendering for another 50kmt of wheat from Australia, Canada or US origin. If funds can keep pushing things lower, we suspect that 400 is the level where support builds, purely based on psychology. On top of that the spread to corn has narrowed substantially which could prompt some talk of increase HRW feeding and may uncover a bid.

Aussie forecast features 25-50mm of rainfall for Northern and Central NSW, which may cause crop quality damage. The rest of the country is dry. Cash markets remain at a stand off, whilst traders await grower liquidity.