The US is eating turkey and getting basted, so no US data to consume this morning.
The London and Paris products are not going to help us much though. London feed wheat futures were back £3.20 on the nearby and March contract. Paris milling wheat, that had been the shining light earlier in the week, coped a bucket of cold water, and shed €6.00 on the nearby and €4.00 in the March slot. Paris corn was back one euro, but we did see a €1.00 jump in the nearby rapeseed futures contract. The move in rapeseed futures opposed the move in nearby canola futures at Winnipeg, which shed C$8.50 on the nearby and a further C$10.40 in the March slot.

The AUD continued to gain against the USD, putting on another 35 points, much of which had been gained late in yesterday’s session. The good news is it closed back 12 points from the session high of 67.76. The market sentiment appears to be turning, some expecting the US FED to pull up on further interest rate hikes from about March. Gold still moved higher.

Cash strapped Ukraine farmers are now expected to sow just 50% of their potential spring crops after this winter. No doubt the US will find another $10Bn to loan them, no strings attached of course. Egypt is rumoured to have booked 175kt of wheat at about US$361, 60kt of that potentially being Russian wheat. As this deal was done in private, not via public tender, much of the detail is speculative. At US$361 it is a little cheaper than one may have expected to have seen but is similar in value when converted to current H2 number here on the plains.
EU milling wheat cash values and futures were softer on the news and the realisation that Russian wheat remains very competitive.