Russia picked up the Egyptian tender earlier this week with 415kt of milling wheat being booked at an average price of US$264.91 CFR for Feb / March. Some punters were expecting to see US or even EU wheat get a look in on this tender but Russia continues to dominate at both the FOB level and also at the delivered level due to a distinct geographical advantage.
The value paid is roughly US$1.00 above the previous tender.

The punters walked away from the China / US trade talk support leaving US futures to look for other bullish news…..which there wasn’t. Corn, wheat and soybean futures at the CME all closed lower. Soft wheat futures closed at exactly the same value they were on Thursday last week. So another nothing week was had.
Even talk of reduced Brazilian production couldn’t keep the US soybean futures market afloat. CME beans at Chicago shed 171/4 (AUD$8.86) cents on the March contract. Chinese demand was almost seen as a given and the market had nothing left to rally on thus falling prey to technical trade. The weaker soybean market rolled through to Canadian canola values with ICE futures slipping away. PDQ saw cash bids across SW Saskatchewan follow ICE futures lower shedding C$3.44 for March delivery and being bid at about C$467.26 / tonne up country. Across the Atlantic the Paris rapeseed contract managed to hold flat in most contracts for the new year while old crop rapeseed futures actually pushed half a euro higher to E367.50/tonne.