Poor US and EU weekly export sales appear to have triggered a round of technical profit taking in US wheat futures overnight. The combination of slightly softer futures and the AUD back over 75c is expected to work against local wheat prices here today. Looking at global trade wheat...

All the action was in US wheat futures and Chicago soybeans. Wheat continued to push higher on all three US grades. Moves were a little sedated compared to last Fridays recovery but Minneapolis was a clear leader with double digit gains across all current crop contracts. Spring wheat cash...

Chickpea values in India remain under pressure after last week’s rally, prices into Bikaner this week ranged from a high of about Rs5050/Qtl to  a low on Friday around Rs5000/Qtl. Delhi was priced at Rs5215 after reaching a high of Rs5345/Qtl. Prices remain around 10% lower than the August...

Soybeans at Chicago suffered a bit of “buy the rumour, sell the fact” type trade overnight. The punter chose to ignore good US export data. Instead selling soybeans off in a round of profit taking which resulted in losses of 21.5c/bu (AUD$10.58) on the nearby contract. The fall in...

Moves higher in both international durum and canola values may struggle to flow through to local values today as the AUD continues to firm. French values for 12% durum FOB La Nouvelle were roughly AUD$6.11 firmer overnight when taking the AUD into account. Canadian values out of SE Saskatchewan...

Winnipeg canola put on C$16.70 on the nearby contract overnight. News of a resolution for criminal charges against Huawei Technologies boosted optimism that China and Canada can resolve trade issues around canola exports in the near term. Fancy that, anyone would think canola world stocks are a little low....

A slightly firmer USD, slightly firmer US futures for corn, soybeans and both soft red and hard red winter wheat, will probably see the local punters keep prices flat to maybe a smidge firmer today. Spring wheat futures at Minneapolis were a smidge lower while cash bids for spring...

The Russian wheat export tax is set to rise to US$61.30 (US$58.70) next week. Russia continue to use export taxes to help cap domestic values and build stocks in the mid-term. Barley and corn also have export tax applied to them, corn this week is at US$47.20 per tonne...

The USDA World Ag Supply and Demand report hit the market last night. Basically the report was more bullish than bearish for world wheat values but was considered bearish for both corn and soybeans. Futures responded as expected with US futures for all three wheat grades closing in the...

North American markets may be a little light on for data today with a holiday in Canada and some parts of the USA. We also have a WASDE report out overnight. The punters were mainly in squaring up mode at the futures markets. We also have some bearish pressure...