US wheat futures found some upside, and why not, the US dollar continues to soften making US exports more affordable to many international consumers.
Hard red winter wheat values out of the US Pacific Northwest were steady at 599c/bu. Converting this value to a C&F Asian market, and then converting that value back to an equivalent Aussie price here on the plains. Indicates that the difference between that conversion and yesterday’s conversion is roughly an AUD$0.85/t reduction in value.
International cash values, when converted and compared this way, are all generally lower this morning. Upside in value in native currency at some origins has mostly been countered by the stronger AUD.
The most obvious of these examples probably lies with Delhi chickpeas this morning. The Delhi price is unchanged this morning at 5800Rs/Q, but the day to day conversion comparison is back by roughly AUD$7.92/t. Basically as much as what we saw the Delhi market rally by yesterday.
The day to day conversion comparison for Paris rapeseed futures is also indicating more potential downside in local price than what a simple conversion of the fall in Paris rapeseed futures might indicate. The nearby contract shed €0.75/tonne, while the conversion comparison is -AUD$9.75/t. Hopefully local markets will find some support in increases in canola futures at Winnipeg, which is higher day to day by AUD$2.97, and slight gains in both WTI crude oil, and a higher close in Malaysian palm oil.

US wheat futures were said to have found support from the potential threat of winter kill from the recent cold snap across the USA.
The more obvious indicator to explain this is probably the softer USD though.
An unknown buyer, probably China, has made the largest single US sorghum purchase in 11 years. The USDA confirmed a 306kt 2025-26 sale overnight.