Bids for durum wheat in central Canada slipped away during the week, closing C$7.89 / tonne lower on Friday.
The decline see’s CWAD1 prices at roughly C$266 / tonne ex farm central Saskatchewan for March movement. It would cost roughly C$115 to move this grain to a Free On Board market in Canada making at worth roughly US$292 FOB. Ocean freight to a N.African end user or into Italy would be roughly US$50 / tonne, so $US341 / tonne.
Ocean freight from Australia to a similar port in N.Africa or Italy would be roughly US$30 / tonne making Canadian CWAD1 worth roughly US$311 FOB Australia, or AUD$375 NTP Newcastle less rail, so roughly AUD$345 delivered Graincorp Spring Ridge equivalent. Cash bids were $275.75 delivered Graincorp Spring Ridge yesterday. Read the durum article linked below.

After a recent rally it appears US wheat is now too expensive for the export market, who’d have guessed. Overnight Egypt picked up 360kt of Black Sea wheat at US$190 and US$197 / tonne FOB. The closest the US could get was US$208 / tonne but that was well out of contention considering freight from the Black Sea to Egypt is around US$17 / tonne and from the USA to Egypt you are looking at a number closer to US$23 / tonne. It is good to see that Russian values are creeping higher though with the recent tender being well above values where sales were being made back in November.