Cash bids for both Canadian spring wheat and durum took a moment to catch their breath overnight, both slipping less than a dollar. To see durum values begin to consolidate at C$530 +/- a few dollars ex farm SE Saskatchewan is encouraging for the longer term price of durum.

Canola was firmer across the board with both cash and futures for Canadian canola closing higher. Cash bids for XF SE Sask were up C$5.59 per tonne for a Dec 21 lift, closing the day at C$845.15 ex farm. ICE futures at Winnipeg closed the session up C$5.40 on the Jan22 slot and Paris rapeseed futures were up another E4.25 for the Feb 22 slot.

Private Russian analytical firm Sovecon reduced their Russian wheat estimate to 76mt from 82mt. Currently we see trade estimates around 78mt and the USDA have an official estimate of 85mt. With another USDA World Ag Supply and Demand Estimates report due out on the 12th it will be interesting to see if the USDA fall back into line with analyst on the ground in Russia.
Canada is also expected to see some adjustments in this month WASDE report. The USDA are still showing wheat production at 31.5mt while the rest of the world, who have seen nothing but bad news on all forms of social media being confirmed by the recent US spring wheat crop tour, thinking that yields are back 25% to 50% for wheat year on year and calling the crop closer to 25mt than 30mt.
Algeria was said to have picked up 150kt of wheat at US$320C&F overnight. Algeria do not make tender results public.