Last night was a pretty boring session for most futures markets around the globe. Was it positioning ahead of the WASDE report, a void of bullish news out of the Black Sea, no new demand news. They say the bulls need feeding everyday in the futures market. Some days...

The international market continues to paint a moderately bullish picture for milling wheat. If we overlook the technical slip in US wheat futures values overnight, as that is probably more a function of positioning prior to the WASDE report out at the end of the week than anything fundamental....

Egypt confirmed they picked up 235kt of Russian wheat overnight. Values are US$12.50 to US$15.50 higher than the last tender but payment terms were also modified and reflect the longer payment interval. Even so, in real terms the price of the wheat was also a little higher than expected....

There’s lots to look at in international grain markets this week. We have a USDA World Ag Supply and Demand report due out on the 12th, US time, so we’ll see that data here on Sunday morning. There are reports of wheat heads going moldy around the NW of...

There continues to be a huge amount of volatility in global grain markets. Most of which are politically driven but a large number of those political drivers also have some fundamental strength. Take India for instance. A ban on wheat exports, then a ban on some types of rice...

International Commentary The premium grade wheat held on better than the SRWW and HRW in last nights session in the US. The Chicago SRWW contract led the market lower, shedding more value than corn and soybeans. Soybeans actually found some support last night, Chicago bean futures closing in the...

Chicago corn and soybean futures took a breather while US wheat futures closed either side of unchanged. The HRW and spring wheat grades in the US and Canada were generally higher nearby with outer months following the row crops lower. Cash bids for durum out of SE Saskatchewan average...

Russia continues to attack Ukraine grain export facilities. Every night this week export terminals have sustained damage, some superficial, some serious. The Viterra complex at Odesa appears to have lost a main elevator yesterday. This morning there are also reports of Chornomorsk port, south of Odesa, taking damage overnight....

The punters at Chicago didn’t like the look of the US weather map. Forget about the Black Sea Corridor it’s about to get hot in the US corn belt. Forget that it’s about to get hot for the first time this season, forget that many of the drier regions...

I checked the markets before heading to bed last night. The forums were all talking about how Russia had formerly withdrawn from the Black Sea Grain Initiative and how this was going to push the wheat market limit up in the morning. To get up and see that the...