There’s a good chance the Aussie dollar will spoil the show today. Strength in base metals and oil prices helped the AUD higher against the greenback. Technical strength in the AUD fuelled speculative buying and thoughts that the AUD will find resistance closer to 75.3 in the coming days. Support for the Aussie dollar creeps in at just under 74c. Most punters believe the AUD will take back all of the losses incurred since mid December.
As for the grain markets US futures were generally flat to softer with wheat futures at Chicago leading the way lower. Combining the move in the dollar and SRW futures could see as much as $7.00 taken out of local values today but as per yesterday basis remains relatively low so the trade do have the potential to absorb quite a bit of this move. Grower selling is minimal so a move lower is not going to help anyone.

International feed grain took another hit last night when China announced they will increase import tariffs on DDG to between 42.2% and 53.7% plus an addition 11.2 % to 12% tax. Currently the tariff sits at about 33.8% + 10.7%. The old levies were set in September in an attempt to promote the use of Chinese corn in rations in southern China. China imported around 6mt of DDG prior to local corn subsidy adjustments that halved that number in 2016. No adjustments to sorghum at this stage but US values are lower.