The US punters took the rumour based rally of Friday night as a good opportunity to sell, maybe it was simply a matter of someone talking their book in order to profit, how unlike the grain industry. Chicago and Paris wheat futures both found some downside on the back of selling pressure.
In the US we also see spreads between the higher grade wheat narrowing as quality remains excellent both in the US and Canada. In the case of durum there is potential to see good quality Canadian durum stocks increase as supply becomes better and the Canadians continue to argue with Italy over country of origin labelling laws. The volume of durum that usually moves into Turkey is also expected to slip as Turkey falls deeper into their economic hole.

Russian milling wheat was offered at US$229.50 but Black Sea futures continue to climb as the punters are still not convinced Russia will not limit exports. Synthetic paper trade pushed as high as US$251 Dec by the close.
Ukraine quality is questionable with some talk of smut appearing in feed wheat parcels. Ukraine had a lot of rain at harvest this year and may struggle with quality parameters as the year goes on.

FOB offers for WA ASW moved higher by US$3.50 to roughly US$286 per tonne supported by eastern Australian demand.