US futures are generally sideways, the prospect of more rain and snow over the next couple of weeks will ensure what has been sown is in ideal condition now. The thing that will have the biggest impact on US futures going forward will be export activity, or lack of.
Japan picked up 120kt of wheat in their weekly tender, 50kt of US, 35.5k from Canada and 34.3kt from Australia. The US are also expected to pick up some, if not all, of a 475kt Saudi tender for milling wheat due to be announced this week.

Argentina are 16% through their wheat harvest. Rain has slowed progress a little but is likely to benefit later maturing crops in the far south. It does pose a threat to wheat that is ripe or turning across the centre of the country though. The rain has also stalled corn planting in some area’s but will see the balance of the corn crop sown into good moisture, rain makes grain. Argentina are likely to be competitors in the sorghum market again this season with production estimated at 3.15mt at present. Argentina does consume a lot of its sorghum domestically thus leaving around 500kt for export.

Graincorp profit projections have been halved as eastern terminals look at handling more imported wheat and barley from SA and WA than export wheat. To date around 500kt of grain has been shipped into the NSW and QLD ports. Rail losses are also huge. Graincorp are expected to become more active in optional origin international grain trading in an attempt to increase profits