Prices 14/11/17


Indian chickpea futures for January delivery saw a jump of 1.9% in overnight trade, roughly equating to about AUD$18 / tonne. The major influence being firmer domestic Indian pulse prices as government import tariffs on alternative pulses increases demand for chickpeas.

In the US wheat futures were lower with spring wheat leading the rush to the door. A quick look at the charts shows a trend lower this week is most likely after recent short covering leading into the USDA report left the market overbought. Considering the bearish world fundamentals for wheat, overbought is not a position grain markets are likely to stay in for long periods. The SRW market has seen a fair amount of resistance to fall below current levels though so potentially we could see more sideways action than further weakness.

Durum values in SW Saskatchewan are generally unchanged with firmer prices for nearby months being countered somewhat by lower prices for January shipment. As access to Canadian ports becomes more of an issue we should see Saskatchewan basis continue to improve and potentially push demand for higher grade durum to more readily accessible ports.
Tunisia picked up 100kt of durum overnight, this was part of a larger parcel of both milling wheat and feed barley. Price and supplier details are currently unavailable.