US wheat futures closed with losses across all three grades. The spring wheat condition report was expected to offer some form of support to spring wheat futures but had little impact. Minneapolis wheat futures closed 10.75c/bu (AUD$5.60/t) lower. Cash values out of the Pacific Northwest for both US and Canadian spring wheat followed the futures market lower. The Canadian day to day conversion comparison shed AUD$6.02/t, and US spring wheat was back AUD$6.12/t. Club white wheat out of the PNW shed just under AUD$2.00/t day to day.
The fact that the weekly crop progress report showed spring wheat at 24% harvested might have something to do with the lack of impact the 4pt drop in the condition rating had.
Combine the rapid harvest progress with the trade positioning ahead of the USDA World Ag Supply and Demand report due out in the US tonight, and it might go a long way to explaining why wheat values have appeared to ignore not only US, but also international fundamentals over the last several days.

The punters are still trying to determine if the Black Sea disruptions are bearish or bullish price.
The short term decline in Russian wheat exports is simply rolling the stock forward. Private analyst Sovecon estimate Russian wheat exports for August to come in at 3 to 3.4mt, a large decrease from the 4.5mt exported out of Russia in August last year. The Russian wheat crop is not small either. Projected at 90mt, it could be their second largest wheat crop in the last 10 years. The US has not seen the switch from Black Sea wheat demand to US wheat demand that they may have been expecting to see. Regardless of what the WASDE says, the US will need to a consistent demand increase to see a sustained rally in US futures.
US HRWW is now roughly US$5.00/t lower than Aussie H2 grower bids, basis Asian consumer.