With the US taking the day off we need to have a look around the world to garner some direction for today, at least until the overnight session in the states cranks up.

Rumour has it that Syria picked up 135kt of Russian wheat at the equivalent price of US $311 / tonne C&F. That’s about US$10 better than “current” offers out of the Black Sea. The most interesting part of the deal is it was done in native currency not US dollars. I wonder how long before there’s further “rebel disturbances” in Syria.
Remaining in that part of the world it is also rumoured that Egypt is changing their payment terms for future wheat purchases. The faster payment method is expected to result in lower offer values as the lower cost of carrying debt is reflected in the offer. I wonder if these deals will be struck in native currency too. One of the biggest problems Egypt has had in recent times is finding the US dollars to pay for their purchases.

It may be a case of too little too late for the soybean crops in SE Brazil. The last 7 days saw 20mm – 50mm fall across much of the driest regions but some punters think the damage is done. ICE canola futures were softer on the news and an expected decline in US soybeans futures when trading commences tonight. Argentina also saw up to 150mm across the wettest parts of the central north.