There’s a lot of red on the screen this morning. Wheat futures in the US and Europe were lower. Cash values out of the US Pacific Northwest were lower, hard red winter wheat shed roughly AUD$3.09/t, compared to yesterdays conversions. Cash wheat out of France was also lower.
The recent fall in US values in an attempt to buy business isn’t really succeeding, and we are seeing other major exporters getting caught up in the race to the bottom the USA appear to be hell bent on winning.
Converting both US and French values to a CiF Asian consumer value, and then converting that value back to an equivalent XF LPP price. Is indicating that local bids are around AUD$30 above French values, and AUD$75 above US values. This is about what you would expect to see in a year like this in NNSW and SQLD.
The oilseed market was sharply lower last night. Lead predominately by the softer crude oil market, but also by weaker US soybean futures, which again shed double digits in the Jan / March slots. The average ex farm bid for canola out of SE Saskatchewan was down CAD$11.44/t for a December lift. The January contract on the Winnipeg futures market was down CAD$13.50/t. Paris, the market we more closely follow, was down E10.50/t in the Feb slot.

The daylight saving changes here and in N.America may delay data collection a little for a few months. This is a little frustrating, and can result in the odd delay to the morning comments report some days.
The US futures market isn’t making a lot of sense. I can’t see the MOU between the CFTC and the USDA making much difference to anything either. Sounds like a way of turning a potential consolidation of reporting into a “lets help the farmer” announcement. Mexico picked of 1.729mt of US corn Monday, a huge purchase, 9th largest on record, corn futures market down on Tuesday. Needs more than a reporting update or MOU.