The jump in US wheat futures will generally be countered by the increase in the value of the AUD against the USD.
Hard red wheat out of the US Pacific Northwest was priced on average at roughly 10.16c/bu, US$373.30 per tonne. A rough calculation determining the cost to ship HRW to Japan and then converting that value to a FOB Aussie number and then a rough XF LPP number would see H2 wheat worth roughly AUD$497 XF LPP. Still significantly more expensive than what H2 wheat is currently bid locally or into the NSW domestic market.
Russian wheat of a similar grade, not white wheat, is indicated at roughly US$337.50 CiF China. This gain converted back to an equivalent XF LPP price would come in closer to AUD$411. Although still a higher price than what we are currently seeing for H2 wheat locally, it is significantly cheaper than the US equivalent out of the PNW. US HRW out of the Gulf is priced FOB at about US$370, Gulf to China is roughly US$52, so about US$422 CiF China, this would convert to a number greater than AUD$530 XF LPP equivalent. Making Aussie wheat look exceptionally cheap.

After weeks of sliding lower and then a couple of firmer days Paris rapeseed futures appear to have found a resting place, well for the night anyway. The May 23 contract was unchanged overnight. Nearby months were a little lower while the outer months were a little firmer. Winnipeg canola futures continued to push higher seeing some spill over support from the Chicago soybean market. Technical strength in US soybean futures has improved a lot over the last couple of days. The punters are torn between a test higher tonight or a technical correction. Fundamentally the soybean market has nothing supporting this rally. There is a little speculation that the crush rates for Argentine beans will be poor, oil lower than average and smaller bean size yielding less meal. The rally in beans and corn continues to indicate that US markets could remain very volatile in the short term.