The Aussie dollar is just 0.08% higher this morning, little change from this time yesterday. Looking at milling wheat values around the world and converting origin port values to Asian consumer C&F equivalent values, and then converting those values back to an equivalent price here on the plains is interesting this morning. There are no sharp moves in currency to muddy the water.
Black Sea values were lower, Russian values sharply so, almost AUD$10.00/t lower compared to yesterdays conversion. Both Argentine and US milling wheat values have fallen between AUD$2.50 and AUD$3.50 / tonne. The milling wheat market remains fiercely competitive into the Asian market. White wheat premiums remain less than normal, as the buyer remains in control of this market. US HRWW out of the Pacific Northwest would land in central Asia for something close to US$256 / tonne, US white wheat closer to US$274, Russian milling wheat would arrive a close to US$270, Argentine wheat would be closer to US$274, while Australian milling wheat would arrive at something close to US$271, plus trade margin.
The US continue to play on their “level playing field”, tariffs heavily influencing buyer decisions.

Corn is an interesting beast at present. The world ending stocks to use ratio is the lowest it has been in 13 years. Yet values remain low due mainly to the large crop produced in the USA this year. A 400mt+ crop is huge. What this does emphasis is the need for the world to continue to produce corn, in volume, in 2026. A production issue in the USA or S.America could see corn values explode. This would draw sorghum and SRWW values higher. One would think given the current season in S.America that this is unlikely. Brazil is seeing average to slight above and slightly below rainfall. Argentina is in much the same position, if not a little drier than Brazil. The USA is still months away from sowing.
Winter wheat in the US is seeing good moisture at present, Russia is good in the west but dry in the Volga Valley. Generally winter wheat is in OK shape.