Canada and the USA took the day off leaving grain market news a little thin on the ground this morning. International values are mixed, barley and canola / rapeseed appear higher, while many wheat values FOB origin are a little weaker. International conversions are also appearing a little lower due to a slight increase in the value of the AUD against the USD.
Delhi chickpeas were off roughly 65Rs/Q, continuing the short term trend lower. On the back of an envelope this move is roughly equivalent to a decline of about AUD$11.44/ tonne compared to the same conversion on Friday. The weakness in Delhi chickpeas is being attributed to cheap imports from nearby Myanmar, Tanzania, Mozambique and Canada. In some places values have fallen below the minimum support price set to farmers in India by the government. Currently the Delhi mandi price is still above that level for chickpeas. There are trade reports stating that imported chickpeas in some regions have fallen below the MSP of 5650Rs/q. This is roughly AUD$75.00 below current Delhi mandi values. In the past the MSP has generally been the market floor.
There is now an effort by the producer to urge the government to initiate import tariffs on pulses to encourage producers in India to sow more chickpeas. The trade fear that lower prices may deter sowing of chickpeas, reducing local supply in Q1-2 2026, increasing the need for imports and inflating local prices. My guess is the local Indian trade is long chickpeas.
Paris rapeseed futures bucked the trend lower in London feed wheat, Paris milling wheat and corn futures. The Feb 26 rapeseed contract closed the session €5.00/tonne higher and gains across all months. Milling wheat futures at Paris slipped €2.25/tonne in the December slot, back to €191.75/tonne. Milling wheat values out of the US Pacific Northwest were flat to lower, influenced by the 0.20% rally in the AUD against the USD.
The bigger surprise may be the move higher in cash values for international sorghum. Argentine, US and Chinese sorghum values all posting good gains overnight, double digit gains at some origins. The move appears less affected by corn values than one might assume.

The local market remains dead, the trade executing the last of their old crop wheat, barley and sorghum, while nonchalantly waiting for the opportunity to accumulate new crop from the north in a 6-8 weeks.
For those cleaning out silos it’s a hard time of year, most consumers are covered, those that are not are very “opportunistic” with their pricing. It’s the time of year when you may hear the saying “you know it’s the bottom of the market when XYZ trading calls you”. I’m getting a few of those calls at present.
The truth of it is that we don’t know if it is the bottom of the market or not, there’s more at play than usual from an international perspective. Locally things are good, production looks secure pending a successful harvest but demand should remain good at these values too.
We may find that local values will be more heavily influenced by the value of the AUD than any local S&D scenario, if the current production estimates are met. There’s no real way of knowing which direction the AUD will go, sometimes it tends to defy logic. We have the likes of Warren Buffett predicting a huge crash in the US / International share market, that’s bearish the AUD. We have a failing domestic economy, that’s bearish the AUD. Loan delinquencies are the highest they have been since covid or the 90s, that’s bearish AUD. China and the US are having a lovers quarrel, that’s bearish the AUD. What’s bullish the AUD, possibly the US will collapse at a faster rate. The Australian economy has been known to weather the storm well in the past. When things like a dollar collapse has happened in the past, like grain prices, we know that it doesn’t stay super low, or super high for long. If a crash does happen, be ready.
Yesterday old crop SFW1 was bid $310 delivered Tamworth against the offer to sell of $325. Sorghum was indicated at $330 delivered Werris Creek packer and bid at $312 XF LPP. New crop sorghum was bid at $320 delivered Downs packer.