Overall, the wheat outlook is unchanged for now. 
Global demand remains strong and end users are still buying at consecutively higher prices.
In fact, Jordan bought 60k mt of wheat for LH June at $351.50/mt, presumably based on new crop Balkan wheat, but other offers were much higher at $393-403/mt.
Tunisia bought 100k mt of soft wheat at $382-388/mt and 92,000 tonnes of durum at $674-684.00/mt delivered.
Saudi Arabia surprised with a 535k mt tender for May and July arrival (but no June). 
They paid $359.90 to 373.90/mt depending on position and port (Jeddah, Yanbu, Dammam).
Japan bought 423,188k mt of US, Canadian, and Australian wheat during November at an average price of $481.61/mt (CFR). 
Egypt bought 600k mt of wheat last Monday, which some said represented the largest single purchase since at least 2008, when it bought 540k mt.
The milling wheat market was counting a lot on Australian wheat to replenish supplies. 
Meantime, ABARES raised their estimate for the Australian crop by nearly 3.0 million mt to a new record of 34.3 million mt. 
However, despite this increase in Aussie producton estimates, Australian wheat prices rose to their highest level since 2008 over quality concerns. 
In fact, quality concerns from rain damage, combined with a crop that is already experiencing low protein levels has widened the premium between milling and feed wheat by AU$25/mt to AU$30/mt over the past few weeks.
In this context, China reportedly bought more ASW this week, which presumably must come from WA as ASW carries a 300 Hagberg. 
Harvest in WA is progressing well in generally dry conditions. 
Meanwhile, in an unusual move, Australia exported 29k mt of old crop durum wheat during October. 
Usually, there are no Australian durum exports until January. 
However, as the main durum growing areas are Queensland and New South Wales, which also happen to be some of the areas most affected by untimely rains, growers to satisfy in times contracts with exporters sold old crop stoks. 
BAGE in Argentina raised Gd/Exc ratings by a sharp 12% to 65%. Nevertheless, BAGE left Argentine production unchanged at 20.3 mln mt with harvest 45% complete (40% last year, 41% average).
Russia is considering an export quota of 9 million mt.
Meantime, July-Nov Russian shipments, plus the December line-up already account for 22.5 mln mt of wheat. 
A 9 mln mt quota would allow Russian exports to be at 31.5 mln mt. 
This is 5 mln mt below USDA ’s 36.5 mln mt number for Russian exports. 

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