US winter wheat futures continue to slip further while the higher quality spring wheat futures closed higher. The weaker AUD should be able to counter any pressure from US futures on our domestic prices unless we see the dollar firm quickly in the morning session.

Heavy rain is expected to delay field work across the western and central US corn belt today and further east tomorrow and leading into the weekend. Showers across Saskatchewan will also delay field work but should clear by Friday.
Flash flooding across parts of Kansas, Iowa and Minnesota have delayed grain shipment but generally delays in Mississippi river freight have been minimal.

Russia sold 240kt of wheat to Egypt in the recent tender. Changes to both Egypt’s ergot policy and the ability to perform inspections at the port of origin saw an increase in participants. The changes attracted 9 offers from 7 different companies but as expected Russian wheat was the cheapest on the day with 60kt offered by Union at US$177.77 / tonne FOB. Prices were still at a slight premium but ranged from the low to a high of US$192.33 out of Romania. There were also some very sharp freight rates from the Black Sea to Russia with one company showing as low as US$6.75 / tonne.