The stronger AUD countered much of the upside when converting the move in US wheat futures into AUD per tonne this morning. Generally EU, Black Sea and Argie cash wheat values are lower, the AUD having a major hand in that. In native currency values were mixed, Black Sea and EU values in AUD were between AUD$2.00 and AUD$4.00 lower day to day. Cash wheat values out of the US Pacific Northwest were mixed once considering the 0.53% increase in the AUD. US milling grades were between AUD$1.00 and AUD$2.00 higher, while white wheat values were unchanged in USc/bu, thus pushed AUD$1.88 lower thanks to the AUD.
At Paris we see corn, milling wheat and rapeseed all closing in the green. Rapeseed up €3.75 in the Feb 25 slot. Unfortunately comparing this mornings conversion to yesterdays conversion with spot AUD / tonne there is little change, the net result is about 5c/t higher. Winnipeg canola futures were better, a rally of C$11.80 / tonne in the January slot sees values there now within C$1.10 / tonne of Mondays value. The last couple of sessions clawing back almost all of the sharp decline seen on Tuesday. Interesting to note a sharp decline in FOB cash values for Canadian canola out of the PNW though. This should probably be expected given the lack of Chinese buyers going forward.

Flooding continues across parts of SE France, raising further concerns about winter crop sowing. The forecast isn’t helping, already flooded rivers are expected to see further falls today. Some parts of the French Alps could see 30-50mm before Monday. Much of this water will end up in the Rhone, entering the Mediterranean west of Marseilles. Falls have also been heavy across SW and Central France. It may take a few weeks for this weather event to be quantified into actual tonnes of grain missing for both summer crops yet to be harvested, and winter wheat area abandoned. Combining these loses with potential loses in Russia’s Volga Valley may see tightening world wheat stocks in 2025, as much as the last WASDE suggested this is not the case.