With around 80% harvested and 84mt of the Russian wheat crop in the bin, the USDA estimate at 85mt is looking a little low. The September WASDE estimate was 85mt. As far out as the USDA estimate sounds the trade appear to have factored a larger estimate of 91mt...

Domestic wheat prices in Russia continue to fall. This is mostly due to ample production, recent estimates have the Russian crop now around 91mt as opposed to the latest USDA estimate of just 85mt. The other problem is logistics, exports are expected to top out at 49mt. Port capability...

Wheat futures in the US and Paris closed in the green. The slightly weaker AUD helps the conversion a little, the move in Chicago worth roughly AUD$6.48 per tonne. Paris was a little more subdued, milling wheat there closer up E1.50 per tonne (AUD$2.48). The rally in Chicago wheat...

The “rally” in US wheat futures fizzled out overnight, the funds seeing the jump as a selling opportunity. The catalyst for the decline was increasing pressure from Russian wheat out of the Black Sea. Weekly US export sales were 18% up on the previous week and also higher than...

International grain futures generally closed in the green overnight. Wheat futures in the US saw gains for the three main grades, the milling grade of HRWW leading the way. There were also good gains made in the Paris milling wheat contract, the Dec23 slot closing E6.00 higher at E238....

The USDA put out their September World Ag Supply and Demand report last night. It was generally what the market was expecting for wheat but the punters were expecting to see a little more bullish news on soybeans and corn. Markets responded accordingly, wheat trading higher at Chicago and...

There’s a USDA World Ag Supply and Demand report due out tonight, that came around quickly. For wheat the focus will be on both quality and quantity. There has been issues with quality across parts of Germany and Poland and there was some talk of downgrading of the spring...

Tunisia picked up 100kt of durum overnight at US$426.49 to US$428.89, let’s call it an average price of US$427.68 per tonne CFR. With Italian merchant / miller Casillo picking up the lions share of the sale it makes one wonder if it’s not Turkish durum being traded. The price...

Egypt picked up 240kt of wheat overnight, interesting to see Russian wheat not on the bill. French and Romanian wheat filled the contract, 120kt of each. The French wheat filled the nearby slot at roughly US$279.50 per tonne CiF, Romanian wheat filling the late Oct / early Nov slot...

International canola values were mixed in overnight trade. There were some sharp losses on the Paris exchange. Rapeseed futures for the Feb24 slot slipped E7.75 / tonne. The combination of a stronger AUD and the fall in Paris rapeseed futures equates to a day to day conversion difference of...