At Chicago, wheat, corn and soybeans all closed lower. The wheat rally from last week now a distant memory. The improved outlook for the HRWW belt saw Kansas futures shed more in value than either the soft red winter wheat contract or the spring wheat contract at Minneapolis.
Cash values FOB US Pacific Northwest tended to follow the futures market for HRW and SW lower while white wheat values were again resilient. The stronger AUD having more of an impact on the conversion of white wheat values than the price of white wheat in US dollars.
Local old crop APW1 basis to nearby May Chicago SRWW futures improved, against the trend of a weaker AUD. Local prices here not reflecting the downside in US values yesterday. Let’s hope that can be played out again today.

The US Department of Agriculture attaché to India have predicted a record wheat crop for the sub continent. India is predicted to produce around 112.5mt of wheat this year, a new record there and just under 2mt larger than last years crop. There is still some speculation on quality, wet weather was said to have caused some issues for both pulses and cereals in some locations, but generally both commodities should be fine.

Sorghum values out of the US Gulf were generally a touch lower overnight. The slightly stronger AUD may work against us a little today, converting the move in Aussie dollars to roughly AUD$5.00 lower FOB Gulf. The weaker sorghum values there, and lower US corn futures, all worked against the Chinese Index which is also weaker by roughly AUD$3.50 this morning when taking the stronger AUD into account.
Interesting to see Dalian corn futures finding some support at current levels. Those who like to look at Dalian corn charts are suggesting long term support at current Chinese values is likely. A break above current values could be friendly to both corn and sorghum prices there short to mid term.