Harvest pressure from the US row crops combined with poor US weekly export data to set the tone for the session at Chicago. Corn, wheat and soybeans all closing in the red, wheat leading the way. Paris milling wheat futures followed the lead from Chicago, shedding €2.75 in the Dec24 slot. Winnipeg canola and Paris rapeseed also shed values, Paris back €0.50 for the Feb 25 slot and Winnipeg canola back C$1.83/t in the January 25 contract.

The thorn in the side today will be the Aussie dollar, now trading at 68.12 US cents. Hopefully this will be for the short term and the RBA will follow the US rates lower at the next meeting on the 24th. In the meantime the AUD will hurt many of the international conversion. Chickpeas at the Delhi market for instance were up around 52Rs/q higher, on a flat currency market that may have been equivalent to a rally of something close to AUD$10.00 in the conversion but this morning we see just AUD$0.49/t upside potential when compared with the conversion done this time yesterday.
Cash values for wheat out of the US Pacific Northwest were lower, following the futures market. Canadian wheat had little choice but the give some value away both ex farm Saskatchewan and FOB Vancouver. US HRWW out of the PNW was hardest hit, shedding about AUD$10.93/t compared to alternative red wheat grades of winter and spring wheat that were back between AUD$3.00 and AUD$7.00, the AUD again exacerbating the conversion value difference from yesterday.
Black Sea values were lower once converted to AUD / tonne and compared to yesterdays conversions, not by a lot, on average just a couple of dollars but French values FOB Rouen fell away closer to same amount as the US spring wheat values did out of the PNW, in AUD/t around AUD$7.00.
International sorghum values, when compared to both yesterdays conversion and in native currency were lower day to day. Not by a lot, less that $2.00 in most cases, but still not positive values here.