It was all about wheat and soybeans at Chicago last night. Hard red wheat futures closed the session up 30c/bu (AUD$15.95) on the nearby, the Dec23 slot also pushed higher, gaining 24.5c/bu (AUD$13.02) by the close.
Chicago soybean futures were up 23.25c/bu on the nearby. Strength rolled through to both the Winnipeg canola market and the Paris rapeseed futures market. Paris closed E2.75 higher on the nearby. Taking this move in Paris into account and the change in the AUD / Euro, which unfortunately moved the opposite direction to the AUD / USD, and we could see about AUD$3.50 upside in local values, given a flat basis, here on Monday.
The AUD slipped a little against the USD and was mostly lower against the other major currencies, bar the Euro.

Strength in wheat didn’t appear to be fundamental. Initially the rally was triggered by speculation that Russia may not continue to support the Black Sea grain corridor. Not talking their book are they. It’s getting a bit monotonous though.
Europe will want the corridor to remain open. This week we saw Poland asking for subsidies to help farmers as they can’t compete with cheap Ukraine wheat spilling over the border. If the EU subsidises farmers in Poland, they are going to end up with some even angrier farmers in France and the Netherlands. These farmers are already protesting over ridiculous fertilizer and chemical restrictions that threaten to make farming in these countries near impossible. If the EU choose to subsidise Polish farmers it may just be the final wedge driven between farmers and EU bureaucrats, breaking what little support farmers have left for the EU and its current madness on restricting farming practices.
Wheat found technical strength from those unwilling to carry speculative shorts in the short to midterm, the weekend, this market is unpredictable.