The US markets were closed last night for the annual Presidents Day holiday. In Europe we see London feed wheat a touch lower, Paris milling wheat lower buy half a Euro and Paris rapeseed is also lower, closing the session out at €421 / tonne, which is down €2.25 / tonne on the nearby contract. Further out saw Paris rapeseed off by €2.50 / tonne for August and November slots.

India’s wheat crop has a number of estimates in the market. The latest USDA report pegged it at 87mt while Indian officials just increased it from 92.29mt to 96.64mt. The increase came around the same time as India requested that all imported wheat now be treated with methybromide, a product that is banned in Europe and the Black Sea. This may have hidden intentions, could it be to force up the domestic price in order to keep Indian wheat in India given a short fall in supply or is it simply an insect control measure. Either way the Europeans and calling it a trade barrier.
Over the last year India has become a large importer of wheat after 2 dry years in a row. If production numbers are indeed closer to USDA estimates than official Indian estimates we may see India continue on as a major importer of Australian wheat again in 2017.

Algeria picked up 200kt of what appears to be Canadian durum last week. Libya picked up 50kt, no prices available as yet.