US futures saw the punters pulling wheat money out, taking some profit after the recent rally above 600c/bu and placing their bets back on Wall St which saw progress on the US$2T COVID stimulus package, it was only confirmation it will not be presented until after Nov 3rd.
Corn futures at Chicago closed in the black while all three wheat grades and soybeans slipped away to close lower. The fundamentals for US corn remain strong with the general outlook suggesting better export orders to come and increase domestic basis signalling good demand locally as well. Which again raises the question from our perspective as to why our sorghum price has fallen away. China picked up 70kt of US sorghum over the last week, so values are not seeing a buyer backlash at this stage. Dalian corn futures are still up there at AUD$539.72 per tonne for the May 21 slot.

In Saskatchewan the cash price for durum moved a little higher. Very cold conditions are expected to push across much of the Canadian prairies and Alberta over the next day of two. The cold snap will also push south into western Montana. 1CWAD13.5 was bid an average price of C$291.33 for pickup ex farm in December out of SW Saskatchewan. On the back of an envelope this would equate to about AUD$415 delivered Newcastle port equivalent. We should start to see Canadian export basis increase as the winter sets in.
Thailand pulled the pin on their feed wheat and barley tender, electing not to buy as prices are too high. That’s the second tender in a row where offers have been too high to buy……….maybe they are just watching the weather map for the east coast of Australia.