Cash values out of the US Pacific Northwest followed US futures lower overnight. Hard red wheat values were back day to day, taking variations in the USD / AUD into account, HRW was back roughly AUD$10.40 FOB PNW. Spring wheat values were not hit as hard, shedding AUD$6.15 when considering the variation in the exchange rate. Club white wheat values were unchanged. This may signal less weakness in the Australian equivalent wheat and a slight strengthening of basis against Chicago SRW futures today, as we saw yesterday.

Russian linked LockBit are said to be responsible for a ransom ware attack on ION Cleared Derivatives last week. The financial institution has advised the 42 effected clients in Europe and the USA that the incident has been contained and all servers impacted are disconnected. Government officials continue to downplay the cyber-attack, stating it in no way has any systemic risk to the financial sector. So, I guess it has some systemic risk to the financial sector. This latest attack has meant some reporting processes for the Paris futures market have been delayed.

Strong international demand for wheat is being seen on market dips. European exports are good and indicate current estimates may need to be increased more than the additional 500kt that the USDA increased EU exports by this week.
Overnight futures markets at both Chicago and Paris were lower, soybeans at Chicago fared the best slipping just 1c/bu on the nearby. Corn futures at Chicago were lower, as were Dalian corn futures in China during the lead up to the US session. The Dalian May corn contract shed AUD$3.19/t.
The outlook for the US HRW belt next week is looking a little better than this week. SE Kansas and much of the Panhandle should see 15-30mm.