Chicago wheat futures continue to push lower, technical trade for end of month, end of quarter reporting appears to be eliminating speculative longs in wheat and corn. Soybeans at Chicago closed either side of unchanged. Winnipeg canola continued the bounce, gaining C$5.70/t in the Jan 26 slot. Paris rapeseed was not as convincing away from the nearby May slot which closed €7.00 / tonne higher. Outer month Paris rapeseed was generally lower, the Feb 26 slot shedding €0.75 / tonne. Still at the Paris exchange, milling wheat futures were in the green across all months, not greatly so but combined with a weaker AUD today it does tend to counter some of the negativity seen in the US markets. The Paris Dec25 milling contract closed at €229 / tonne, up just €0.75 / tonne.

International cash values generally reflected the move in their underlying futures contract, apart from French milling wheat, which apposed the higher close in futures. The day to day conversion comparison for French milling wheat actually slipped about AUD$2.37 / tonne. US conversions for wheat out of the Pacific Northwest were generally AUD$1.00 to AUD$3.00 lower compared to yesterday. Canadian spring wheat bucked the trend, the conversion out of the PNW actually increasing around AUD$2.51 for 13.5% protein. Black Sea wheat was mixed, Russian a buck higher, Ukraine a couple lower.

The weaker AUD is worth about AUD$0.65/ tonne, not a lot. If the punters want to push lower they can justify the move by using US futures and cash out of the PNW as an example. Local basis is at +31c/bu roughly, not bad, but unlikely to absorb the entirety of the move in US futures.
Jordan picked up 50kt of wheat by tender on Tuesday at US$265 CFR for August delivery. A back of the envelope conversion would make this work something close to AUD$310 ex farm. Depending on quality, it’s not a terrible price.
Founder of Rusagro detained in Russia, shares down 20%. Rusagro holds 700kha of agricultural land in Russia.