There continues to be a huge amount of volatility in global grain markets. Most of which are politically driven but a large number of those political drivers also have some fundamental strength. Take India for instance. A ban on wheat exports, then a ban on some types of rice being exported, now there is speculation that India could be in the market for as much as 9mt of wheat.
A Reuters article out overnight claimed the UN world rice price index is now at a 12 year high. Much of the speculation on Indian wheat imports comes from the thought there could be rice / wheat substitution as rice prices are expected to climb above January values in the short term. Indian officials continue to report that stocks are three times their target tonnage. Obviously there’s no issue with supply, that’s why you would implement an export ban.

There are reports of further drone attacks on the Kerch bridge. All traffic had been halted on the bridge late yesterday and the lights on the bridge were apparently turned off overnight. The bridge is the main Russian access to Crimea and spans the main passage of water that connects the Black Sea to the Azov Sea and the important Russian port of Rostov. Boat movement was stopped overnight and ships were asked to keep a lookout for drones.

Durum values out of the south of France were sharply higher overnight. Port La Nouvelle values were reported at €456 for Aug / Sept movement. On the back of an envelope this is roughly comparable to durum here being worth about AUD$650ish per tonne. The exact conversion is difficult given the number of variables at play now. It does tend to suggest there is plenty of scope for upside in local bids though.
There was further upside in both Paris rapeseed and ICE canola futures at Winnipeg overnight. Canadian conditions showing little chance of improving.