Markets overnight were mixed. Wheat futures fell again and the July contract was down 6.25 cents on the back of weak demand for US wheat. Corn has limited upside at present due to favourable weather in the US corn belt with expectations that most of the intended area will be planted in time. The July corn contract was up 1 cent and finished at 474.50US c/bu. Soybeans was the big mover last night, and closed up 35.50 cents on the July contract. It closed at 1505.25 US c/bu. Tight old crop supplies and a belief that the market was oversold the previous session were the driving force behind the move. Locally, although wheat futures have been moving south in the past week to 10 days, we have not seen this reflection in domestic values. Old crop grains remain well supported and demand is present for any old crop grains to work into the feed market. Wheat and barley stocks held by growers are still trickling into the feed market. Large parcels aren’t being sold but small parcels continue to trade into the short-term market. Old crop chickpea demand remains fairly flat with buyers scarce for prompt movement. Earlier this week we saw values into Narrabri around $445 delivered. We expect this should be a similar value today. Old crop faba beans have been trading in small volumes as demand is very thin. We are only able to find homes for small parcels and pick-up is likely to push out to July/August. Sorghum this week has certainly been the talk of the town. We have experienced issues with quality and receivals into some sites on the Liverpool Plains. Due to large volumes of high staining in grain GrainCorp have now created a bin grade of SSOR. This is, in effect SOR with no limit on stained grain. All other specs are to be within the GTA SOR specs. Although growers now have a ‘home’ for grain to be delivered, there aren’t too many buyers yet posting prices at the site for this particular grade. On-farm demand for SOR is very thin, but for unsold SOR in the system that will meet No1 specifications, prices have jumped $10-15/mt this week. For anyone with uncommitted SOR in the system, we have a number of buyers who would be interested. Cotton overnight saw the July contract post gains for the first time in 9 sessions, and pushed it above the 90 day moving average. The December contract saw a higher high and a lower low for the day and finished down 4 points. The Texas panhandle has seen scorching temperatures due to drought but is forecast to receive solid rains in the coming 5 days which was the main driver of futures overnight.