The wheat market has not responded strongly one way or the other to recent US Department of Agriculture reports and has remained within its recent trading range
Last week we saw the world wheat supply baton passed to France and Romania, when they won the latest Egyptian tender for 360,000 tonnes.
About 650,000t of Western Australian grain has been shipped to Brisbane and NSW ports since the start of October.
Since the start of the year the market has dropped $10 a tonne back to $452/t early this week in the Port Kembla zone.
If China is lilting its imports above what it has been normal in recent years, it will signal a new source of demand for wheat in the global market.
NSW grain prices had a softer tone last week as the Queensland sorghum harvest kicked off, and weakness in the northern grain markets trickled south.
The most important gain for the Australian grains industry from TPP-11 is improved access to the Japanese market.