China stepped in to buy another large slice of US soybeans yesterday with the USDA receiving sales data for another 300kt. This wasn’t enough for the punters though and soybeans futures slipped away dragging canola and rapeseed futures with it.
The weaker AUD will go a long way to countering the fall in oilseed values but it is unlikely it will stop local values slipping a little on Monday. Aussie canola basis has slipped around AUD$20 on the east coast over the last couple of weeks but the buyers are reluctant to sustain the high levels.

Wheat futures at Chicago found pressure from outside markets and technical selling. Week on week the market closed higher but only by 5c/bu, about AUD$2.50 / tonne.
Fundamental pressure came from Russia confirming the 2018 crop at 70mt. This had little impact on Black Sea offer values for physical wheat though with most port values there climbing a dollar of more. Milling wheat FOB Russia was indicated at US$239 per tonne. This makes it roughly similar to the values recent sales were confirmed into Egypt.

Durum values in Western Saskatchewan are pretty much unchanged week on week with cash bids ex farm around C$215 per tonne. The would convert to a rough port price here of AUD$350. Well below current local Aussie values.