US markets were closed in recognition of Martin Luther King Jnr day. London feed wheat was a little lower, shedding £2.00 / tonne nearby and through to the May contract. Paris milling wheat futures shed €0.25 / tonne nearby and in the May slot. Paris rapeseed futures were higher, gaining €2.25 / tonne nearby and €2.50 in the May slot, The Feb 26 slot was only up €0.25/t while most 2026 rapeseed contracts were lower.
Winnipeg canola through caution to the wind and rallied an impressive C$15.90 nearby, running its own race in old crop canola. Crude oil futures were lower, both WTI and Brent shedding some values. Palm oil futures were not supportive of such a move in Winnipeg canola. Palm oil a smidge lower in the March contract and a smidge higher in the April contract.

The stronger AUD weighed on the conversion of international wheat values. World cash values once converted back to AUD per tonne shed between AUD$3.00 and AUD$9.00 when compared to Fridays conversions. Black sea conversions were mixed, Ukraine FOB values in AUD much lower than Russian. With the US market closed we can only use Fridays values, the AUD the only real impact and worth roughly AUD$4.50 of downside out of the PNW.
The US dollar saw weakness from speculation that US tariffs on imports may be delayed. This saw the AUD jump about 50pts and hold those grains to the close. The punters are calling this a relief rally after Trumps inauguration speech failed to mention a start date for tariffs. It appears the setup of the External Revenue Services, the department responsible for the collection and administration of import tariffs, may take some time.

Turkey has announced they will begin to sell government stocks to internal processors on 90 day terms. The Italian market appears to have taken this as a positive and durum exchange values have rallied about five euros in Italy.