International markets were basically a reversal of the previous session. Wheat and corn finding support at Chicago, Minneapolis, London and Paris, while the oilseeds stumbled. Paris rapeseed Feb24 slipping E6.75 / tonne and Winnipeg canola falling C$9.80 on the nearby Jan24 slot. Chicago soybeans fell 12.25c/bu on the nearby....

US wheat futures were hit hard last night. Hard red winter wheat futures at Chicago shedding over 28c/bu in the March contract. The USDA report really was a buy the rumour / sell the fact report. The weight on wheat appears to be world stocks, although lower month on...

The December USDA World Ag Supply and Demand Estimates report was out last night. The WASDE is starting to get a bit like eating Maccas. It happens about once a month and you often think it’ll be better than it really is, only to be disappointed by the, often...

Am I watching the same trade “play book” being used in Argentina as I am here? Wheat values there have fallen since harvest started. Conditions there were poor for wheat production this year. Not a full drought crop, but not unlike the conditions experienced across NNSW and QLD. The...

Paris and Winnipeg rapeseed / canola futures were hit pretty hard last night. The Paris contract, that the local markets here have generally been tracking a little more closely than the Canadian market, was back E8.75 on the nearby February contract. In day to day AUD terms this equates...

The Algerian tender for 50kt of durum was completed earlier this week. Algeria do not make public their tender results. The trade usually speculate on both value and actual tonnage booked over the following days once the tender closes. This tender is no different. Initial reports had just 50kt...

US soft red winter wheat futures at Chicago were helped higher on news that China had bought 440kt of US SRWW. The strength in soft wheat futures rolled through to a better close in both hard red winter wheat and spring wheat. Futures and cash were higher. PNW values...

Cash wheat offers FOB US Pacific Northwest were generally a touch firmer, following the Chicago futures market higher. Last weeks US wheat sales volume took the market by surprise, 622,800t, it was even larger than the largest trade estimate leading into the report. Support in wheat was both spillover...

Taiwan picked up 109kt of US milling wheat by tender yesterday. Grades were mixed, 34.2kt of dark northern spring wheat traded at US$336.57 FOB US, roughly comparable to US$374.51 C&F. The trade also had 14.8kt of HRWW, 12.5% protein at US$327.67 C&F and 5.7kt of soft white wheat at...

Hard red wheat futures broke away last night, closing 27c/bu (AUD$15) higher in the nearby slot. Caught and short prior to first notice or some increase in demand ? I’d assume more of the former than the later. The heavy rain across eastern Australia found some attention in international...