More of the same, the funds defending their wheat short at Chicago. Grains are also suffering a bit of spillover selling from stocks, the Dow was off 332pts in their afternoon. US unemployment rose to 4.6%, surprising the punters, and energy futures also shed some value. The US punters continue to overlook the brisk pace of US exports of wheat and corn.
No further mention of US soybean sales to China. Some analyst don’t expect to see this until US soybean values slip a little further.
Wheat couldn’t take a trick, the punters focused on outside markets, good global stocks, a bigger Russian crop and a larger sown area of soft wheat in France.

Cash values out of the US Pacific Northwest continue to fall away. Both Canadian and US high protein milling wheat slipped AUD$2.00 to AUD$3.00 compared to yesterdays conversion. Hard red winter wheat remains week, falling roughly AUD$2.77/t compared to yesterday. The big surprise was the sharply lower Club White Wheat values. Compared to yesterdays conversion it is back about AUD$5.54/t. Comparing Club White wheat to APW1 into an Asian consumer market we see that US product is roughly worth US$270 C&F Asian consumer. Aussie APW would come in somewhere around US$269 based of local track bids. This may see a little pressure on local prices here today.

Durum values out of Port La Nouvelle were lower overnight, the day to day conversion comparison shedding close to AUD$9.00/t. This market has been volatile of late. The trade here have held bids relatively flat since the reductions from AUD$385 NTP NTL in late November. Canadian 1CWAD13 values out of SE Saskatchewan were flat at CAD$276.60/t XF for a February lift. The Canadian producers have seen ex farm values for 1CWAD13 durum fall by roughly CAD$45.00/t since late August, when late season rains produced better yields, but lower quality. Turkey is importing durum from Canada, bit of a turnaround.