Cash bids across SE Saskatchewan were generally a little softer overnight. Durum prices continue to show plenty of resilience with cash bids generally slipping no more than a few cents per tonne. Spring wheat values were back C$2.90 for a December lift while canola showed the most downside with cash bids for a December lift back around C$5.98 and nearby back over C$11.00.
ICE canola futures were also weaker, slipping C$11.10 on the nearby but remaining relatively flat in Q2 2022 contracts. The Jan22 slot at Winnipeg was back C$6.60 to C$883.50, nothing to snub your nose at that’s for sure. Paris rapeseed futures were actually firmer in overnight trade. The Feb22 slot was up E2.25 to E568.75 per tonne.

Ukraine seem to be picking up the slack in Russian exports of grain out of the Black Sea region. Last year for the first couple of months of their marketing year (July > June) Ukraine exported 6.4mt of grain. So far this year Ukraine has moved 7mt. This is made up of 3.4mt of wheat, 2.4mt of barley and 1.18mt of corn. The number somewhat counters 3.2mt projected reduction in Russian wheat exports for 2021-22. At 33.9mt the Russian export forecast is the lowest number since 2016-17. The fall in Russian exports is a result of both lower production and the implementation of the export tax.

US corn and soybean futures and cash prices were generally lower as harvest nears. Around 9% of the US corn crop is now mature.