The US wheat futures market succumb to …….. reality, profit taking, technical trade… call it what you will. Chicago SRWW and HRWW futures did close a little lower. Minneapolis spring wheat futures did manage to hold onto recent gains and closed a smidge higher. Canadian spring wheat was lower.
Cash wheat values out of the US Pacific Northwest were a little firmer. This saw the USD price and the AUD price widen a little. Compared to Friday’s conversion to an Asian buyer and taking that number back to an AUD equivalent here, the US HRWW product gained roughly AUD$1.06/t. Comparing the local bid for H2 wheat C&F China in USD/t with HRW C&F China in USD/t we see that the US product is roughly US$3.00 more expensive that the Aussie product. This has been a long time coming, and hopefully is sustainable. It will need to be to see local basis drawn higher.
Paris milling wheat futures closed at €221.25/t in the December 2026 slot, up €1.50/t. Cash values for French FOB milling wheat were sharply lower in AUD per tonne, down roughly AUD$8.00 compared to Fridays conversions. Black Sea cash wheat conversions were also a little lower, shedding AUD$2.00 to AUD$3.00 per tonne. The Argie conversion was a little higher, gaining about an Aussie dollar on Fridays number.
None of this is bullish wheat here today, but with the trade decimating basis on Monday, a push lower by much might be a little harsh as well.

The US farmer is likely to adjust some acres away from corn. Like here, the price of fertilizer is playing a major roll in sowing decisions. This is likely to play out across the world with sowing reductions for nitrogen hungry crops, like corn, in the USA, S.America and China, if the supply issues are not corrected over the next 30-60 days. What impact this will have on 2026-27 sorghum values here is hard to determine, but we should have a good idea well before it’s time for Aussie farmers to sow sorghum. Will “forced” fallow not be the end of the world, time will tell.
I pushed 60ltrs of diesel into the Triton at 6.30am, the servo was packed, $2.199c/l, better than what I’ve heard from farmers.