Egypt, GASC, is seeing wheat offers for their latest tender coming in between US$353.75 and US$322.80 per tonne. If Australia was to try and compete into this market accumulation would need to occur at something close to $315 XFLPP, that’s not going to happen, especially for milling wheat. Russian...

The funds continue to sell Chicago SRW wheat futures lower, happy extending their short positions for the time being. Some analysts continue to talk this market up, it’s easy to see why with the volatility of the Black Sea market and poor conditions in the US and the chance...

US wheat futures found support from both the technical side and the fundamental side of the market last night. Technical short covering / profit taking was noted as January closed out. Fundamentally the condition the US HRW crop went into winter is now regaining some traction as we near...

The big mover last night was Chicago soybeans. The jump in beans dragged both Paris rapeseed futures and Winnipeg canola futures higher. The softer AUD should also help local values here today. Chicago beans put on 25c/bu (AUD$13.00), Paris rapeseed for the May23 slot was up E4.25 per tonne...

Iraq was said to have bought 150kt of milling wheat from Viterra Australia on Wednesday at US$445 C&F. The wheat is set for shipment in April. On the back of an envelope this might equate to a value XF LPP of something close to AUD$485, much higher than current...

US wheat futures closed higher in overnight trade taking values to a week on week rally and taking MGEX spring wheat futures to a price point higher than January 1st. MGEX cash price were sharply higher. The rally could be seen as technical. Wheat futures at Chicago had amassed...

Technical Tuesday, call it what you will. US wheat futures found the need to recover from Monday’s losses. Although not recovering dollar for dollar a slight recovery was noted. Further strength in the AUD will somewhat counter the move here, the jump in the AUD worth is about -$AUD1.67/t....

US wheat futures were sharply lower in overnight trade. Hard red winter wheat lead the market lower, shedding 27.5c/bu on the nearby and 25.25c/bu in the December 23 slot. Minneapolis spring wheat wasn’t far behind with Chicago soft red winter wheat falling roughly AUD$11.26, the move likely to be...

Argentina is expected to see some good storms over the next few days. We all know one rain event doesn’t break a drought. 40mm of rain will not correct the damage done to summer crops after weeks (some places months) of hot dry weather, but it should improve, or...

Tunisia picked up 125kt of durum for Feb – April delivery at US$492.40. The majority was purchased from Italian trading house Casillo with one boat load coming from Viterra and Amber. Tunisia’s economy has suffered a number of economic and political setbacks in recent times, 3 years of drought...