Cash bids in SW Saskatchewan were steady with spring wheat bids following futures markets higher. Durum was flat while canola bids ex farm SW Saskatchewan were also flat to slightly softer. Mid-grade spring wheat was firm, gaining C$8.85/t for an April lift.
New crop durum out of the Prairies continues to trade at a C$34 discount to the nearby. Spring wheat is also lower for the September slot versus the April slot, C$264.77 vs C$235.04. It kind of makes you wonder just how poor Aussie basis is at the moment when new crop bids are better than old crop bids yet the world prices would indicate the opposite should actually be the case.
Locally we saw new crop durum forward contracts bid at AUD$400 less rail yesterday. That’s a AUD$60 improvement in new crop basis vs old crop basis, potentially a mistake I’d rather think of it as a selling opportunity for many.

Club white wheat out of the Pacific Northwest USA was unchanged at US$7.63/bu, this is comparable to about AUD$330 delivered port for an APW type wheat. Even though US wheat is some AUD$35 higher in price landed across much of Asia, sales volume out of the PNW continues to be good. Weekly white wheat exports were around 236kt. The Philippines continues to top US export destinations.

The strength in US wheat futures was fuelled not only by technical buying but also from good weekly export data.
China sold about 4mt of wheat in their weekly gov stocks wheat tender, around 56% of what was offered for sale.