US wheat futures initially found weakness from worse than expected US weekly export inspections but then bounced back in later trade to close higher. Support came from outside markets with Wall St sharply higher.
There are a few tenders expected to hit the market this week. Saudi Arabia are expected to be looking for 350kt of wheat spread over six months. Turkey are in for 250kt of optional origin wheat for April / May.
There is also talk that Egypt will be in again soon, they are just working out how to word their contract after there was little interest in their last tender resulting in the cancellation of the tender.
The word is that Egypt will now look to price at an FOB supply port basis, thus sorting their own frieght and insurance costs to their ports for discharge. The trade showed little interest in their last effort which was bid at a CFR level but required the loading port be locked in, thus taking away any port based flexibility from the seller if loading at one port became jeopardised by COVID19 or changes to export movement by governments. I’m not sure this will make any difference but it does free up the shipping side and put that issue back on the buyer.

Nearby Canadian durum values are showing a healthy premium over new crop values as export orders continue to be strong for Canadian durum. Nearby bids ex farm SW Saskatchewan are there at C$286 / tonne, falling to C$270 for the new crop in September. December delivery slots are less again at C$242. Roughly equivalent to AUD$410 – $445 track less rail for an east Australian port number.