The AUD moved lower again overnight, a little lower against the USD, but sharply lower against others, like the Yen and Canadian dollar. This may help counter any downward pressure in local values if they choose to reflect the downward pressure from the US markets on Monday.
The soft red winter wheat contract held on better at Chicago than the hard red winter wheat contract. Better than expected quality from some parts of Eastern Australia may be the key to this, but more likely a function of technical trade with those carrying larger shorts in HRWW happy to see the market push lower on better weather in the States. MGEX spring wheat futures found similar selling as the HRW contract, pushing lower than SRWW.
Recent winter storms in the USA have improved the moisture outlook for much of the Midwest but there are still large parts of Kansas and Nebraska that could do with either more snow or some more rain.

There wasn’t a lot to feed the bulls on the international market last night. The bargain hunters appear to have come and gone this week leaving the technical punters in control. This may well remain the case next week. Generally, we see thin trade at the major exchanges leading up to the break. This can at times lead to increased volatility but may also deviate somewhat from the underlying fundamentals due to the smaller volume.

Dalian corn futures for May23 were up Y10, closing at Y2827, or AUD$605.35 per tonne. If sorghum locally was to trade at an AUD$50 discount to Dalian futures it would equate to a price of roughly AUD$400. Recent values from the USA, Argentina, and other suppliers pricing C&F for sorghum into China all indicate that this is close to current values. Local execution costs are very variable at present though, so expect larger trade margins.