I had to turn off Twitter yesterday, nothing more than punters shilling the US election, not a lot of anything worth looking at on that platform, or any main stream media platform of late. It seems any narrative can be bought these days. Not that the grain game is much different, these guys have been talking their book for years.
In the US higher grade wheat futures and soybeans were the winners by the close. The strength in beans didn’t spill over into Winnipeg canola or Paris rapeseed markets though, both products closing a smidge lower, neither conversion being helped by the stronger AUD.
Global wheat values, once you get away from the US markets, were generally a little softer. Black Sea and EU offers falling away a smidge. Once the higher AUD is taken into consideration the falls are minimal though. Black Sea & Argie values back less than AUD$2.00, French values were much lower though.
Durum values out of SE Saskatchewan slipped away while values out of Port La Nouvelle in SE France were flat. The change between France and Canada now puts their values, once converted to C&F end user and then converted to a FOB equivalent price Newcastle, within AUD$11.50 of each other. Local cash bids here are falling roughly AUD$12.00 to AUD$23.00 below French and Canadian offers so should be competitive into the Mediterranean market.

International barley values were generally flat to lower, on average. Once the AUD is considered, international values were roughly AUD$2.00 lower. Offers for WA barley into the major consumers were flat to firmer, remaining competitive into the Chinese market against most exporters, bar Russia.

With the US switching back out of day light saving time the weekly crop progress report isn’t available while I’m writing this. The punters did expect to see an improvement in the condition rating for new crop winter wheat. Anything different to an improvement will be perceived as bullish.