The US was on holidays last night. The trend will be for most market participants in the US to take Friday off and make a long weekend of it, so we shouldn’t expect to see much action out of the US tonight either.
As a guide the Paris milling wheat futures market was a little firmer, old and new crop futures there closing in the green. The Dec 24 contract closed at €230.25, up €1.75 for the session. London feed wheat also closed higher gaining £1.95 in the Jan25 slot, closing at £202.05. New crop rapeseed futures at Paris were softer, shedding €1.50 in the Feb25 slot. Winnipeg canola futures were also lower, down C$2.50 in the January slot. With the AUD a little firmer overnight it is likely to combine with weaker canola and rapeseed futures and could weigh on local canola bids here today.

Ukraine has announced as of as early as August it plans to implement a minimum export value for grain. It is expected that the minimum price will be reviewed monthly. The first stage, customs authorities will analyze all export prices for the previous month, UGA President Nikolai Gorbachev said. The prices will be taken from CPT, DAP and FOB export declarations. Five percent of the lowest prices will be selected. This representative sampling will be forwarded to the Agrarian Policy and Food Ministry. The second step, the Agrarian Policy and Food Ministry will publish the minimal export prices for each crop on its website depending on their delivery basis. Exporters will be allowed to change their prices within 10% of the published minimal prices. Farmers, grain producers and traders will export their products at prices no lower than the minimal ones officially published by the ministry at the third stage.

It appears we will move into the later half of the year with both Russian and Ukraine grains having either an unofficial or official minimum price. With Russian and Ukraine wheat export volume expected to be 6.1mt and 4.6mt lower respectfully, and a minimum price program in place, EU exports may increase.