International grain futures were generally flat to lower overnight. US HRWW and SW were a smidge lower nearby, while SRWW at Chicgao was a smidge higher nearby. Corn found continued support but Chicago beans gave back some of the recent gains. The weakness in soybeans rolled across into the Winnipeg canola market which shed C$11.50 in the March 25 slot. Paris rapeseed futures were less volatile, lower by €1.00 nearby but outer months were either side of unchanged. Paris milling wheat slipped €3.00 / tonne nearby and €2.50 in the May slot but kept its composure a little better in the Dec slot, slipping just €1.25/t there.
The Aussie peso pushed above 62 US cents overnight, topping out at 62.44 mid way through the session before profit taking saw a decline and then a slight recovery into the close. The jump from 61.95 to 62.44 early in the session was sharp, someone possibly thinking that sub 62c is a good buy.

The cash value conversions for wheat around the globe look cheaper. I like to convert origin FOB values in origin currency to USD FOB origin, and then use a common consumer, usually Asia, say China, as a consumption point. Then convert those C&F consumer values back to a comparable price FOB Aussie port or even back to an XF LPP equivalent price. This gives us a good benchmark I think. Better than futures which are generally more concerned with speculation and the exchanges domestic markets. These conversion this morning are generally AUD$2.00 to AUD$4.00 lower. The stronger AUD (weaker USD) is contributing to a fair portion of this decline though. Using US SRWW futures the move in the AUD is worth more of a loss than the move in the futures price, the AUD equal to about AUD$1.70 downside.
There’s not a lot to drive wheat one way or the other. Russian export pace has tapered off dramatically. Is this simply a case of Russia building wheat stocks while prices are poor, or is it signaling that domestic stocks are much tighter than the WASDE reads, or was Russian production lower than reported.