Sometimes I feel like the more you learn the less you know. The interrelationships between cash grain, futures, currency, outside markets and politics, and from now on AI will be have to be thrown in the mix too, can all become grey at times. The politicians are still trying...

Algeria was reported to have picked up 690kt of milling at US$272 C&F. Without knowing the exact details this does appear to be about the current value for Black Sea milling wheat. Russian 11.5% milling wheat is estimated to cost around US$236 FOB. Freight estimates are about US$33.00/t now,...