International markets were either side of unchanged. Canola and rapeseed futures found support from slightly stronger US soybeans and a firmer US dollar. Wheat prices were mixed, generally softer at the FOB level for North America. Corn futures at Chicago, although closing lower, did find support from some showers delaying harvest in places. Paris milling wheat was higher, the Dec 22 slot closed AUD$1.95 higher at AUD$523.76.

The AUD was softer, potentially countering any downside in Aussie equivalent values today. A better close on Wall St helped the USD higher. Asian markets were mixed, the Chinese losing faith that the path to economic prosperity lies in the current system. The US punters as deluded as ever.

The Pakistan government are in the market for 500kt of milling wheat, the tender closing on the 26th. This is after the cancellation of their September 30th tender for 300kt. Tender terms stipulating inspection at port of discharge was a deterrent to sellers in the Sept tender resulting in poor participation and higher offers. This requirement is still in place for the current tender but has been modified to allow unloading to commence prior to the completion of testing, thus minimal demurrage.
Pakistan is usually self-sufficient or a minor importer / exporter but after devastating monsoonal flooding over last couple of months Pakistan is expected to be a significant importer of wheat in 2022-23.

South Korea is tendering for 95kt of feed wheat and 60kt of feed barley. Earlier in October feed wheat was valued at US$303 C&F from Russia.