Wheat, corn, and soybean futures at Chicago pushed higher. Aided somewhat by the weaker US dollar and hindered somewhat by the lower river levels. Higher FOB values don’t mean much if you can’t get the grain to port. The stronger soybean close at Chicago rolled across to a better close for Winnipeg canola. Paris rapeseed futures closed lower in contrast to the move in oilseed values in N.America.

Barley values from Canada, Black Sea and France into the major importers, Saudi Arabia, and China, appear to be sharply lower when converted to AUD XF LPP terms, week on week. The improvement in the AUD and weaker offers from the major exporters, including Argentina, show a sharp fall in converted values week on week. Some C&F values by as much as AUD$40 per tonne. This may well be the case but even the lowest converted values, AUD$380 XFLPP equivalent from Ukraine, are still much higher than what local bids are XF LPP. This confirms that although FX and exporters are working against Aussie values, Australian feed barley remains the cheapest in the world.
The ALP government failed to ask when Chinese barley import levies will be removed at a recent meeting with Xi Jinping. Hope they’ve enjoyed their loss.

Russia / Ukraine war takes a new turn as 2 “stray” Russian missiles land in Poland killing two. This story is across every MSM source this morning, couldn’t possibly be wrong. The next 24 – 48 hours and how Europe responds to this could have a major bearing on markets this week. Poland is a NATO member.  Russia is denying that they were Russian missiles. Zelenskyy has gotten excited by the prospect of NATO country finally getting involved. Poland is yet to confirm the cause of the blast. Not sure if positive or negative wheat prices, it may depend if governments intervene on markets