International sentiment was mixed, no news to exactly explain the sharp sell off in higher grade US wheat.
Egypt confirmed the purchase of 170kt of milling wheat from Bulgaria and Romania.               The tender saw some Russian wheat offered at US$270 FOB Black Sea, confirming suspicions that the Russian gov has “encouraged” the use of a minimum price for some, but there was also offers of Russian wheat at US$260 from several traders that confirmed they had unofficial “government permission” to offer at that level.
Romanian wheat was priced at US255 FOB + US$16.80 – US$271.80 C&F. This isn’t a mile away from where recent business was done, so not overly negative. There was continued talk that Russian and Egyptian officials are in negotiation for the purchase of 1 to 2mt of wheat.
There has been no further news on the possible purchase of up to 7mt of Russian wheat by India. Ruskies, talkin the book.

After reading the translated version of the official press release for the Turkish durum “restrictions”, I’ve concluded that like government officials worldwide that Turkish government officials too have the ability to write two pages of waffle that, in my opinion, which could be wrong as I’m not a Turkish government official, tends to state that all export business as of the 1st of October needs to go through the government process. It’s doesn’t confirm any restrictions.
As of the 27th of September Turkey had already shipped 651kt of an expected 1mt (now thought to be closer to 800kt) of export durum sales.

US higher grade wheat futures fell away. HRW and MGEX spring wheat futures were back much more than one might expect. Is there some inside information leaked about the quarterly stocks reports, or are the funds still holding their finger hard on the sell button, I’ll back a bit of both.