It was a mixed session in US grain futures overnight.
Spring wheat once again saw the bulk of the volatility with an early rally / fall in values countered by a late session rally. At one point MGEX spring wheat futures were 52.5c/bu higher before profit taking kicked into top gear and prices plummeted. The selling saw the Sept contract slip as low as 42c/bu below the previous session’s close before recovering to just a 3 1/2c gain. That’s a range of 94.5c ($AUD46) in one session. At one point the MGEX contract dropped 30c/bu in one minute, five minutes later it shed a further 24.5c in just one minute. When outside money and funds are involved volatility seems to rule.

In the real world Black Sea wheat once again dominated the latest Egyptian tender. Egypt picked up 410kt of wheat made up of 350kt of Russian wheat and 60kt of Romanian. This takes Egyptian orders to 1.43mt just 5 days into the 2017-18 purchasing program. This is interesting considering they are not far off finished their own wheat harvest. This season Egypt is expected to buy about 12.1mt of wheat.
Algeria were in for 420kt of wheat at a value of US$213.75 – $216 CnF. Algeria are expected to buy 8.2mt this year, mainly French.