After yesterday’s rally wheat ran into selling pressure across the board. The USD index continued to build strength, hitting 93.

• Chicago wheat December contract down US10.5cents per bushel to 598c;
• Kansas wheat December contract down 7.25c/bu to 554.25c;
• Minneapolis wheat December contract down 6.5c/bu to 555c;
• MATIF wheat December contract down €0.75/t to €211.25;
• Corn December contract down 5.75c/bu to 417.25c;
• Soybeans January contract up 6.5c/bu to 1152.5c;
• Winnipeg canola market closed Remembrance Day holiday;
• MATIF rapeseed February contract down €0.50/t to €409;
• Brent crude January contract up US$0.19 per barrel to $43.80;
• Dow Jones index down 23 points  to 29,398;
• AUD unchanged at $0.728;
• CAD weaker at $1.307;
• EUR weaker at $1.177.
  

International

• The Saudi Arabia Grain Organisation, SAGO, has formally announced the re-opening of barley imports by the private industry.  They had announced this intention some two years back. The last few months had seen rumours of private sales already done, but this is the first formal confirmation.  Quality specifications will reportedly remain as set by the state though.
• Russia’s much expected New Year wheat export quotas have come out at 15 million tonnes (Mt) for all grains, some three quarters of which should be wheat.  Given the large ongoing program currently, and expectations for January flows, the overall export program is unlikely to be significantly impacted. But it will force those who had still expected a 40Mt-type program to finally re-evaluate their estimates
• Argentina’s port inspection strike from Monday remains underway, and there’s no indication the parties have come any closer to an agreement yet
• Turkey’s TMO wheat tender from the other week finalized negotiations early this morning, closing on 550,000t as expected.  Black Sea markets reportedly are holding firm with origination interest ongoing to cover
• No new flash export sales out today, and we note that regular export sales releases will be delayed until Friday (US time) given the Veteran’s Day remembrances
• Weather maps holding fairly unchanged globally, with some chances of rain in the Black Sea region next week but nothing forecast short term.  Previously forecast rains are coming in parts of Brazil currently, and still more on the maps.  US HRW areas remain very dry but the SRW belt is looking to be in better and better shape. A new drought monitor will be published tomorrow.

Australia

• Wheat markets locally showed some strength after the global moves, with markets up $2-3/t along the east coast
• Canola also following the global jump, with bids up $5-6/t
• Wild weather hit South Australian York Peninsula on Tuesday night with heavy rain, hail, and dry lighting all reported.  At this stage no reports of large crop damage across the area, though some harvest delays expected
• Thunderstorms rolled through Victoria and Southern NSW also causing harvest delays in some regions