30/9/21 Prices

Category:

Canadian cash durum values surprised a few punters overnight with a sharp C$46.49 increase in the December slot to an avg C$697.16/t ex farm SE Saskatchewan. This number remains relatively high when compared to a French number FOB Mediterranean port. In saying this I need to mention that durum offered FOB La Nouvelle was also higher in overnight trade. Not quite the AUD$50 the Canadian 1CWAD13 number was but when converted still equates to about AUD$20 increase in the 12% product.
Just to add a bit of salt into the wounds cut into the Canadian farmer by severe drought this year BASF have advised producers and agronomists that some herbicides will not have seen enough rainfall to breakdown and may pose as an establishment risk to crops such as durum and canola in the following season.

Cash bids for US spring wheat were generally flat to firmer while spring wheat futures values at Minneapolis bucked the trend for Chicago wheat and closed a little lower. Canadian spring wheat cash bids across SE Sask were a little higher. The stronger US dollar probably more of a contributing factor than any fundamental news.
High protein milling wheat out of Germany was priced at US$332 FOB Baltic port.  Black Sea, mainly Ukraine, milling wheat remains the cheapest wheat into the Middle East but still indicates that we should be able to see bids here locally for H2 closer to AUD$330 ex farm, a little higher than current prices. Into Asian markets Australian wheat continues to be the cheapest by a long shot.

TAGS: