There’s not a lot of green in international grain futures this morning.
US wheat futures saw all three grades with double digit losses in USc/bu. Nearby soft red winter wheat at Chicago fell the spot rate equivalent of AUD$5.85 / tonne overnight, the slightly firmer AUD compounding the loss, adding roughly another AUD$0.46 / tonne of downside to the conversion.
Paris milling wheat didn’t miss out, the May 25 contract there shed €4.00 / tonne, at the spot rate that’s roughly equivalent to AUD$6.81 / tonne. Nearby canola and rapeseed futures continue to firm. While outer month contracts at Paris were firmer, they were not convincingly strong, the May 2026 slot up just €1.50 / tonne. Winnipeg canola futures although a smidge firmer nearby closed with C$2.80 to C$3.00 losses for the outer months.

International cash values were lower. Ukraine wheat shed roughly AUD$7.00/t compared to Fridays conversion. Russian wheat appeared to buck the trend, the conversion actually gaining close to AUD$2.00, one of the few green lights on the cash board. The French cash milling wheat conversion was sharply lower compared to Fridays conversion, back almost AUD$10.00 / tonne. There’s not a great deal of fundamental news fueling the decline in French values. Conditions there remain dry and are forecast to stay that way for the week ahead, but there’s a chance that Germany and Poland may see some useful rain this week. Good rain across the durum districts of Italy will be helpful and the southern Black Sea states are also expected to see good rainfall.
Cash wheat values out of Argentina were a little softer in AUD/t compared to Friday, the conversion shedding a dollar. Argie weather is expected to be favorable for the winter crop over the next 7 days. Some parts of the Pampas could see 30-70mm, with much of the main wheat area seeing falls of 15-30mm this week. The Volga Valley in Russia is expected to remain mostly dry this week, with temperatures creeping up towards 20C. Central and western Russia has been relatively dry but the week ahead should see falls of 15-30mm across much of the winter wheat country to the west.