• US wheat markets followed on today, opening firm out of the box to trade as much as 16c/bu higher in CBOT, briefly trading with a 6 handle and a high of 601.75c, the first time through $6 since 2015.  KC put on another 2c on CBOT through the session.  The talk of dry weather in Russia and the US Southern Plains continued to fuel the market, but it was unable to hold later in the day, closing 10c off the highs.
• Beans was the leader for the day, following the strong lead in palm futures overnight, which were up 3.5pc, which seemed to be supported from bean oils rally yesterday. Who knows, it could be chicken and egg!.  The strength in palm is on the back of concerns the La Nina will decrease production this coming season, whilst China and Indian buying remained strong for veg oil as well.  There was 154,000t of bean export sales declared to unknown destination.
• 150,000t of corn and 5,000t wheat was declared.
• Pakistan (TCP) approved the purchase of 180,000t of wheat from the Russian government at a price of $279/t, amid questions over the high cost and the decision to use Russian ships for transportation instead of the national flag carrier.  Last week TCP cancelled the tender at $274 due to the high bid of $274 per ton and the suspicion of collusion.  The prices were far higher than the $233.80/t traded previously.
• TCP is in the process of issuing tenders for import of another 1.2 million tons.
• President Trump ended talks with Democrat Party leaders on a new stimulus package, hours after Federal Reserve Chair Jerome Powell”s strongest call yet for greater spending to avoid damaging the economic recovery.  “I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump said Tuesday in a tweet.
• Macro markets took a tumble on the news and the USD rallied.

Australia