The variability of the US corn crop, and declining crop condition ratings for US corn, triggered technical trade at Chicago, allowing the punters to take advantage of some fundamental news and push the Dec corn contract to 523.5c/bu, up 8c/bu, prior to first notice day on the September contract.
Soft red winter wheat futures at Chicago were dragged along for the ride, up 3.75c/bu in the Dec 26 slot, HRWW futures were firmer, while spring wheat futures were less convinced, closing lower. Paris milling wheat was also softer in the Dec 26 slot, shedding €2.25/t.

Romania continues to be the winner in the Black Sea wheat debacle. Values there spiking from US$237.50 FOB on the 16th to US$281.75/t on the 24th. Values have since come off a smidge, last offered at US$275.50, but are still very strong. Romania denies that Ukraine wheat is taking preference over Romanian wheat on rail to port. The cynic in me can’t help but imagine that Romanian wheat yields will be exceptional this year.
Wheat values C&F Egypt are understandably high. Romanian wheat values at US$301.80/t C&F Aug / Oct, some US$60 higher than Ukraine, if you can get it. Also $27 higher than Russian, again, if you can get it. Romanian wheat remains around US$6.00 under French, the next “cheapest”.

US wheat out of the Pacific Northwest was mixed, higher grade spring wheat a dollar or so lower and HRWW a dollar or so higher, compared to yesterdays conversions. Canadian PNW values were lower for spring wheat, but by less than a dollar, and not as low as what US spring wheat was.
Comparisons for milling wheat into the Asian market Q1 2027, show Aussie H2 grower bids are equivalent to about US$5.00 under US HRWW. When stacked up against Argie milling wheat Aussie values are almost US$10.00 lower C&F basis. Russian and Ukraine wheat remain cheapest on paper, but the risk is supply. We are already seeing defaults into Asian markets. Regardless, WA wheat on a C&F Asia basis remains competitive against the worlds “cheapest”.