With a USDA World Ag Supply and Demand Estimates report due out tonight there wasn’t a lot of movement in international futures last night.
US wheat futures were firmer, not by a lot, HRW futures winning that race but only moving higher by 4.25c/bu (AUD$2.31) in the Dec slot.
Paris milling wheat futures found a little more upside, the Dec slot there rallying €2.50 / tonne, or AUD$4.05 at this mornings money. The Paris market closed in the green for most grains, including rapeseed futures, which were up €5.00 / tonne (AUD$8.11) in the Feb 25 slot, a feat not reflected at Winnipeg for Canadian canola. Both Winnipeg futures and nearby cash bids ex farm SE Sask were lower by the close.
Black Sea wheat was a smidge lower. Once converted to AUD per tonne the move is generally less than -AUD$2.00 when compared to yesterdays conversion.

Bullish price factors for wheat continue to consist of Russian strikes on Ukraine infrastructure at Black Sea ports. Drier than desired conditions across a large slice of the Russian winter wheat area to the south and east, especially the Volga Valley towards the north. The forecast for the next 7 days is looking a lot better there this morning though. Trade estimates for loses across S-NSW, Victoria and S.Aust from recent dry weather and frosts could total as much as 4mt according to come punters, possibly with a book to talk, but there is no denying that loses will be in the millions of tonnes, not the 100’s of thousands. Recent dry weather in Argentina is expected to improve over the next 7 days. This may be a case of too little too late for the wheat crop, but showers may help get the summer crop program off to a better start. Heavy rain continues across SE Brazil. I’m not seeing any confirmation of quality or quantity loses for their wheat as yet. This may turn out to be a wait and see game, as we tally Brazlian wheat imports from Argentina for blending.
The recent Algerian wheat tender specified that offers were not to include wheat from France. The exclusion is and continues to be due to a comment made by Macron roughly 3 years ago which soured relations between the long time traditional supplier of wheat and Algeria. The Black Sea being the winner.