Wheat futures at Chicago appeared to get caught up in the sell-off in the soybean and corn pits. Technically wheat is ready to stage a rally with SRWW futures in the May21 slot very over-sold. The HRWW contract looks the same. With both nearby products over sold and the global fundamentals not entirely bearish the international market may have a hard time talking world wheat prices lower in the short term.
This obviously won’t stop them from trying, South Korea for instance is not buying the volume they are pencilled in for. The Philippines and Japan are both in for a little wheat this week, maybe that will give the market the pulse it needs to get going again.

Algeria picked up 480kt of wheat at US$323 CFR (+US$2.00). French wheat was expected to be the most likely point of origin for the Algerian business but there is also talk that S.American wheat may work prior to the tender closing. Reports later in the day tend to point towards German and Baltic wheat as the main point of origin. French exports stocks are starting to shrink after a good start to the season, this may be the reason northern EU ports got a look in. Argie wheat is cheap though at US$255 – US$265 FOB.
On the back of an envelope the purchase price translates to roughly AUD$280 – AUD$290 delivered port basis Newcastle. The freight costs making the likelihood