20/3/25 Prices

The overnight trend in international wheat values is generally lower.
French values kicked that trend, closing a couple of dollars higher, but weakness in US futures did roll across to lower cash values out of the Pacific Northwest. Cash values for hard red winter wheat out of the PNW were back roughly AUD$5.55 on yesterdays conversion. Both US and Canadian spring wheat futures followed suit and slipped a dollar or so at the FOB level.
Black Sea values for milling wheat were mixed, Russian values a little higher compared to yesterday, and Ukraine values were a few dollars lower. This appears to be the trend in Ukraine values since the meeting between Zelensky and Trump.
As is often the case Spain has gone from severe drought a couple of years ago, to massive flooding in the south. This may have some bearing on Mediterranean durum supply and demand as we move through the second half of this year but flooding is generally very localised, but quality problems can be more widespread.
Turkey is expected to opened the country back up to both wheat and corn imports after banning imports mid last year. Turkey, one of the worlds largest flour exporters, is expected to permit the importation of wheat for flour processing again. Additional wheat supply is traditionally acquired from Black Sea countries, often Russia and Ukraine. There has been no official announcement from the Turkish government as yet.
The inclusion of Turkey on the demand side of the global S&D table should help support prices. If imports go back to the volume they were prior to the ban it would go a long way to countering (and more) the recent increase the USDA made to world wheat ending stocks.
Paris milling wheat futures closed €3.25 / tonne higher in the December slot.