Prices 24/10/18

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International futures and cash markets were very flat overnight. Asian consumer values were unchanged as were most offers out of the Black Sea region. Tunisia are tendering for 125kt of milling wheat and Japan are in for 105kt of wheat from the PNW.

We now see both the UK’s major biorefineries closing. Vivergo and Ensus have the capacity to consume 1mt of feed wheat pa but since construction I don’t this has actually occurred. Vivergo closed “temporarily” in September and Ensus is expected to “temporarily” close its doors in November for the same reason. Both plants are struggling after a hot dry summer reduced supply and increased prices making the process financially unviable. The closure of the plants has seen feed wheat values slip a little in recent days.

Tunisia are tendering for another 50kt of durum. Earlier this month they picked up 75kt at US$272.50 CFR. Also on the tender is 125kt of milling wheat and 100kt of barley. The move is seen as bottom picking as prices have generally slipped since the last purchase.
In SW Saskatchewan PDQ estimate ex farm 1CWAD13 durum values at C$210 per tonne. Prices have remained relatively stable for Canadian durum this week after falling for much of the harvest period.

Cash and futures for Canadian canola continue to slide on the back of an expected increase in the pace of the US soybean harvest.

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