A mixed international wheat market last night, firmer in the Chicago and Paris futures markets, but there were some falls in the conversion values compared to yesterday for Black Sea and Argie product.
US cash wheat values out of the Pacific Northwest were mostly higher apart from Club White Wheat, which was flat. The firmer AUD resulted the day to day conversion comparison for WW moving lower by about AUD$1.83/t. Both US PNW HRWW and Spring Wheat conversions were higher, HRWW up roughly AUD$4.74/t, pushing it once again above Aussie H2 grower bids converted to an Asian consumer comparison. Without some fundamental support in next weeks USDA report US HRWW will struggle to sustain a value above Aussie wheat into the Asian market unless Aussie wheat values climb.

Strength in both WTI and Brent crude oil futures helped the oilseed complex. US soybeans were flat to a smidge lower. Palm oil futures were a little softer nearby but continue to find strength in the outer months, the palm oil punters are keeping a close eye on the “Super El Nino”.
Both Paris rapeseed futures and Winnipeg canola futures were the clear winners. Paris rapeseed closing at €535 in the Feb slot, a gain of €6.75/tonne. Easily countering the strength in the AUD.

The AUD ??? Once again (has it ever changed) the Aussie economy is a two speed economy. The mining sector and the rest of us. The punters are talking the AUD higher as copper demand for data centres remains high. Turning the AUD into somewhat of a proxy commodity punt for AI boom. Data centres use a lot of cables apparently. The AUD set a 7 week high this week. Copper also hit US$14,000/t this week. This is great news (sarcasm), all we need is to attach the AUD to another bubble market, just when the imploding housing market promised to kill the RBA’s appetite for rate increases.