More sellers then buyers on the wheat side pushed values lower in overnight trading. On the upside, Egypt’s GASC saw the sell-off, and is back again for more wheat for late August shipment.  Corn values fell, while soybeans picked up on two new cargoes to China being booked.

News of US crop conditions post close had corn down two points and beans down three, while sorghum rose five points and spring wheat was unchanged.  The US wheat harvest continues to slow down, with the southern plains nearly wrapped up. Northern areas have just started to kick into gear, despite recent rains causing some non-critical delays.  Europe’s wheat harvest is also ticking along, and more talk about slightly better than expected yields in France is making the rounds.

The latest Saudi Arabia Grains Organization (SAGO) tender saw barley results trickle in last night, with 12 cargoes in the $208-$212/t Red Sea and $215/t Persian Gulf levels.  This is all pretty regular business, with the only real surprise that there were no some more discounted SAGO offers. Black Sea fob markets firmed through last week after hitting lows early in the month. SAGO also made an official announcement which confirmed earlier speculation that privatised mills will be able import on their own behalf. This will potentially cut into SAGO purchases in the future.  Is the same to come for barley?  SAGO has been pushing towards reduced involvement for a few years, and this would change the dynamic of the global barley market.

Australia

Domestic markets were mostly unchanged with little happening on the new season.  Old-crop demand in the east coast continues to see bits and pieces trade, and at some firmer values compared with last week, for August-September slots.  New-crop estimates continue to push up in Western Australia, with hopes that recent rains have saved much of the crop. Drier weather through Queensland is now back into the forecast maps.