In the past two months, Black Sea milling and feed wheat values have rallied around US$20 per tonne as record demand and exports continued to gnaw away at what was considered a record crop. At the same time, ASW and APW wheat export values in both South Australia and Western Australia have managed to strengthen, but only by $10/tonne. Accordingly, the freight advantage into Asian markets for Australian wheat moved about $5/t in Australia’s favour as freight rates rose. All in all, Australia’s competitiveness has improved around $15/tonne in the past three months throughout Asian markets.