Chicago wheat futures done well to limit losses after sharp falls in both soybeans and corn weighed on the markets. Losses in HRW and Spring Wheat futures were reflected in cash values FOB US Pacific Northwest. HRW will work into Japan from the PNW for roughly C&F US$276, roughly a US$10 discount to White Wheat. Current H2 values here would indicate a C&F Japan price somewhere between US HRWW and WW. This would also indicate that the further SW into Asia the US wheat has to go the less competitive it becomes against Australian wheat.
Wheat from the Black Sea into Asian markets remains very competitive, even with the huge freight disadvantage that both Russian and Ukraine wheat has over Australian and US wheat. The flow of cheap Black Sea wheat into the Asian markets continues to be a cap to local prices in the short to mid term. With the season in both Ukraine and Russia looking good, this could continue to be a problem into the new crop unless we see production issues in the spring or summer there.
Indian chickpea prices were back on the march higher overnight. It’s an election year in India, that’s what I hear from traders every time I ask what is fueling the price jump in Chickpeas. Apparently it’s a bit of balancing act, keeping the farmer and the consumer happy.
Unlike Europe, where the farmer doesn’t appear to be getting any consideration at present. Protests continue across all major European states in an attempt to push back against government over reach and unworkable environmental policies.

The weaker close to Chicago soybeans spilled over into lower closes for both Winnipeg canola and Paris rapeseed futures. Cash bids across SE Saskatchewan were also lower. PDQ published the average cash price at C$543.55, back C$9.09 nearby. Canadian durum values were relatively unchanged at C$396.29 nearby pickup XF SE Sask or C$353.54 for the new crop with a September lift.