US grain futures were generally lower, wheat led the pack shedding 6.25c/bu (-AUD$3.62/t) on nearby Chicago SRWW. Spring wheat futures at Minneapolis were hit hardest, closing 8.5c/bu (AUD$4.92/t) lower nearby. Chicago corn futures shed a couple of cents a bushel and soybeans were mixed, nearby a smidge firmer, outer months a smidge lower. London feed wheat futures were a little firmer, as were nearby milling wheat futures at Paris. The big winner was nearby Paris rapeseed, closing €6.75/t higher. The strength in nearby Paris rapeseed was not reflected across all months, the Feb 26 slot up just €2.00 / t.

World cash values for wheat were mixed but generally flat to softer. Russian wheat shedding over AUD$10.00 compared to yesterdays conversion. Australian wheat remains very competitive against Black Sea wheat into the Asian market, representing a better buy to the consumer by roughly US$5.00 / tonne.
When compared against US club white wheat , H2 wheat doesn’t stack up as well into the Asian market but remains very competitive against both US HRWW and 11.5% Canadian wheat.
International feed barley values were mixed, there was fundamentally little change and when compared to yesterdays conversion from FOB seller to C&F China or S.Arabian port, and then back to an equivalent XF LPP price, values were either side of unchanged by less than a dollar in most conversions.
Sorghum out of the Gulf of Mexico was lower by roughly AUD$4.00 to AUD$4.50 / tonne from yesterdays conversion to an XF LPP price using China as an import destination.

Good sowing pace in the Brazilian second corn crop continues to weigh on corn values. Sowing progressed quickly from 36% sown a fortnight ago to 64% sown as of last Thursday. The poor weather of February has also seen a few analyst reduce production estimates for soybeans, AgRural now back to 168.2mt.