President Trump's 10 per cent tariff on aluminium and 25pc on steel could have consequences for the global soybean market.
Traders reported that a vessel listed to ship chickpeas from the Newcastle port was switched to sorghum last week, with talk of another vessel to follow.
US wheat stocks are expected to fall to 25.3 million tonnes according to the International Gains Council.
Australia has a very high cost of production for crops such wheat, making us not competitive in global wheat markets.
Tumbling local pulse prices, particularly chickpea, and losses being realised for consignments already on the water prompted an Australian agriculture industry delegation to travel to India to meet with counterparts in January.
ABARES raised its forecast for the NSW 2017-18 canola crop by 215,000 tonnes to 618,000t, while Victoria’s crop was raised by 90,000t to 750,000t.
Indonesia has now emerged as the world’s largest wheat importer, at 12.5 million tonnes, and takes over from Egypt.
Although it is mainly fund buying that has pushed the market higher, behind that is the expanding drought in the US.