Bargain hunters were in the mix last night, picking up corn and soybean futures at Chicago thus lending a hand to the wheat market. The main three US  wheat grades were higher by the close, not jumping up and running away but firmer.
The value of the rally in SRWW futures at Chicago is worth about 16% of the potential upside to Newcastle prices come Monday. The balance of the potential upside, roughly AUD$4.45 in total, comes from the Aussie dollar which continued to weaken against the US dollar.

The AUD found local weakness from falling real-estate prices across the east coast cities. Sydney values now back 9.4% from the peak.
Some analysts expect to see the lower to mid-priced real-estate slip the most. Cost of living increases hitting the middle and lower end of the market the hardest. Some analysts predict the greater index could potentially fall at least another 10%, taking the decline in average value to 20% under the peak.
Lucky we all have big piles of cash stashed away to spend on real-estate ……  -_- .

Algeria, who don’t make tender results public, was said to have picked up 250kt of durum at their recent tender. There is speculation that values were around US$20 under the recent Tunisian business. This still supports current new crop bids here, the dollar also helping.

There is a USDA World Ag Supply & Demand Estimates report due out next Wednesday (Thursday here). The trade is generally backing a reduction in both US and world wheat ending stocks. That’s a big call considering the recent increases in Russian, Brazilian and Western Australian production