In SW Saskatchewan cash durum values moved a little higher for a December lift. At C$294.91, 1CWAD13 would convert back to an Aussie port number of something close to AUD$417 delivered terminal. Yesterday port bids were available at AUD$406, so not too far from the mark.

US futures seemed to consolidate a little last night, wheat was generally lower but Minneapolis spring wheat futures tried hard for a close in the black. Soft and hard red winter wheat futures were softer by the close. This is a little surprising given the good weekly export sales numbers out of the US but there’s not a lot of room between a fund manager in sell off mode and the reality of an S&D sheet is there.
US row crops, corn and soybeans, were both higher by the close. The upside in soybeans lending strength to other oilseeds.

Ukraine company Posco has secured a 68kt feed wheat sale to South Korea, logistically this is interesting as 41kt will be supplied through Posco’s new terminal at the Black Sea port of Mykolaiv, midway between Odesa and Crimea. The new facility is capable of exporting about 2.5mt of grain per annum. Wheat and corn are expected to be the major grains moved.
South Korea also picked up 26.8kt of milling wheat off ADM, probably US or Canadian, at US$312 for March 21. This would work back to a Newcastle port values somewhere around AUD$375. US HRW was bid at about 700c/bu out of the PNW, on the back of an envelope this is just a little under the value quoted for the Korean wheat sale, let’s call it margin and costs, but roughly the same as APH1 bids here.