Bam, and just like that my sell wheat / buy soybean theory is squashed.
Overnight saw advances in both wheat and soybean futures in the US. Volume in the December contract for wheat is still fairly high considering first notice day is Friday. Soybeans nearby is January so nothing for the trade to worry about there just yet.
SRW futures followed the hard wheat contract higher after it set an 8 month low on Tuesday, while spring wheat rejected the upside and moved lower on the nearby, outer months were a cent or two firmer though.
Both ICE canola and Paris rapeseed were firmer by the close with the Canadian product putting on C$5.40 on the nearby contract.

In the EU Paris milling wheat futures edged higher gaining half a euro.
Reports say French wheat faced strong competition from the USA and Argentina in the latest Algerian tender for 600kt of optional origin milling wheat. One report suggest numbers around US$5.00 lower than the last purchase and Argentina being a key supplier. It will be interesting to see if the US picked up a slice of this business too.

The AUD pushed back above 73c in overnight trade. US interest rate policy seems to be the key with the sentiment now leaning towards fewer rate hikes in the future versus what was expected after last month’s meeting.