The Aussie dollar fell from three week highs overnight. With US Fed rates likely to increase and Aussie Fed rates more likely to fall than go up in the short term the AUD came under some selling pressure late in the week. Good trade data out of China pushed the AUD higher mid week but Friday’s weakness was also due to the ECB Fed denying they are even thinking about more quantative easing to help the struggling European economy.

The weaker AUD will counter any downside in US futures on Friday night and assist local grain values to at least sustain current numbers on Monday. With a USDA report due out in the US on Monday night don’t expect to see local traders too excited about anything through the day.
The punters are picking that the USDA will reduce US corn production in Monday nights report.

There is talk that Russia will lower or remove the current wheat export tax that was put in place to ensure Russian consumers had ample stocks and domestic prices there were capped. This will basically make Russian wheat cheaper for the exporter, not something we need to hear at the moment.