The recent fall in corn and soybean values out of the USA appears to be attracting buyers. Good sales are being reported for both commodities out of the US with the punters expecting to see good numbers in this weeks USDA weekly export sales report due out tonight. Chicago soybeans found a close in the green but corn futures fell away, not substantially, but enough to keep US corn very competitive.
US wheat futures and cash values out of the Pacific Northwest improved. Cash values for HRWW moved roughly AUD$3.00 higher when compared to yesterdays conversion. Both US and Canadian spring wheat values out of the PNW were roughly AUD$5.00 to AUD$6.00 higher day to day. The increase in US HRWW values closes the gap a little between Aussie H2 wheat and the US product on a delivered NE Asian consumer comparison. The day to day comparison for white wheat out of the PNW showed little change.
The tariff debacle is never uninteresting. On Wednesday the US Court of International Trade said that Trump did not have the authority to declare the sweeping global tariffs. Trump was then authorized to continue to collect tariffs from international counter parties through the US Court of Appeals, who appealed the determination from the US Court of International Trade. More results on the appeal to come by June 5th. For a more in depth report follow this link. https://www.dtnpf.com/agriculture/web/ag/columns/washington-insider/article/2025/05/29/court-rejects-sweeping-tariffs-ag

SovEkon increased their forecast for the Russian wheat crop by 1.2mt to 81mt, 2.6mt lower than last year. New crop export estimates were also increased and now stand at 40.8mt. Late season rain and a good season in the spring wheat region, may see a later than average start to the export program, potentially dampening world values in Q3-4 2025. Russian wheat ending stocks for 2024-25 remain below mid term averages but are at a sustainable level as long as their quality remains OK.