Grains were generally higher at futures markets in both the USA and Europe overnight. There were a couple of exceptions but they were in the far outer month 2023 contracts or the nearby March contract which now has the death rattle and it appears some punters may be caught.

US wheat out of the Pacific Northwest had white wheat values unchanged at US745c/bu for 10.5% protein. If this was being moved to Japan it would be the rough equivalent of selling Australian wheat delivered Newcastle port at about AUD$320. Hard red winter wheat values tracked closely to the futures market increasing at the port by 12c/bu for an April / May lift. There is less than a AUD$5.00 premium for HRWW at 13% protein versus 11.5% protein. Spring wheat premiums are even worse with a base 13% DNS wheat bid at a discount to HRW at 13% protein. Cash bids out of the PNW did follow the underlying futures market higher.
Cash canola out of SW Saskatchewan was up C$14 per tonne to C$742.25 ex farm for an April lift.

The tender for 50kt of durum wheat into Algeria will close on Wednesday. Pasta has seen the brunt of policy changes in Algerian agriculture according to some articles. Stocks are always tight and often supermarket shelves are bare after the removal subsidies for purchases of durum wheat. Algeria has a large import requirement when it comes to wheat, both milling and durum. Producing under 4mt and consuming around 11mt leaves the country open to international volatility. Gov policy changes are supposed to increase domestic production.