Trump appears to have had a convincing win in the US election. What that means for the world grain markets is about as clear as a Harris / Biden / Trump live speech. There’s been a lot of rhetoric regarding tariffs on imports, which is likely to result in retaliation from those being blocked. In theory that could create the desire for the importers of US grain to look elsewhere for supply as a counter measure. Who knows. With a majority in the House and the Senate, one can only assume the GOP policies will be quickly implemented.

The AUD is mixed this morning, sharply stronger against some and lower against others. It may take the financial markets a week or two to settle down after the US election. In the meantime we have the RBA meeting again on the 9th & 10th of December. The punters appear to think a 25pt drop in rates is on the cards for the Dec meeting. The November meeting just passed held rates at the current level on the back of J/A/S inflation being too high.

US and EU wheat futures were mixed overnight. US futures trending lower while Paris milling wheat moved higher. The cash market saw Black Sea values drift lower. Offers out of the US PNW move lower and milling wheat FOB Rouen also slipped lower. Durum values out of France were lower, slipping on the back of sharply softer exchange values in Italy. News that Turkish company Ulusoy purchased 85% of Italian pasta producer Pastificio Mediterranea tends to signal the flow of durum into that operation is likely to come from their close neighbor in the future.

US wheat futures trade was mostly technical in nature as there’s a USDA WASDE report due out tomorrow night. Chicago corn was the clear winner overnight. Higher US ethanol production and demand on the export side both offering fundamental support to US corn.