Algeria confirmed the purchase by tender of 219kt of durum wheat overnight. Algeria run a closed book so many of the details are speculation but it is thought that prices were significantly higher than previous purchases. Prices were rumoured to have been around US$372 C&F.
That number roughly converts back to current bids into port here, depending on the exact ocean rate one could achieve.
If Canada supplies, as expected, we can use this number to work out Canadian basis off the east coast at roughly C$112 from ex farm SW Saskatchewan. So for an Aussie sale into somewhere like Italy the return here would only potentially be around AUD$5.00 / $10 better than current bids. Not much considering the volatility in costs at present.

May soybean futures at Chicago traded a wide range overnight. Session high 1438c/bu – low 1409c/bu, before closing towards the low side at 1410c/bu. Late rains in Brazil appear to have bumped yields higher resulting in some private estimates well above current official estimates. Increased grower selling in Argentina has also put some pressure on international values. The volatility in soybeans did not roll through to the  ICE May canola contract which continues to push higher. Paris rapeseed was also higher with the May slot up E11.25 to E515 per tonne. Local basis over May ICE was -$178 yesterday, I wonder if we’ll see -$200 today. If you had of asked me 12 months ago if a basis of this value was possible I would have laughed at the idea. What a time to be a market analyst.