Moves higher in both international durum and canola values may struggle to flow through to local values today as the AUD continues to firm.
French values for 12% durum FOB La Nouvelle were roughly AUD$6.11 firmer overnight when taking the AUD into account. Canadian values out of SE Saskatchewan were also firmer, 1CWAD13 durum was up around C$4.00 for a Dec21 lift.
At Chicago the stronger soybean market lead both Paris rapeseed and Winnipeg canola futures higher. The former putting on an impressive €15.00 / tonne for the Feb22 slot.
We don’t start to see carry on Paris rapeseed being heavily eroded until after the May22 contract but keep in mind that the May22 slot is still some €35.00/t under the nearby, possibly suggesting that prompt sales are required as long as the basis is reflective here.

US wheat futures and cash markets were firmer across the board in all three grades. Cash prices out of the Pacific North West into the Asian markets reflected the move in US wheat futures with offers at the FOB level also increasing. It should be noted that white wheat offers out of the PNW continue to be high, very high. Reflecting the desire of the US trader to keep as much white wheat away from the export market as possible. This does shape up well for good quality Aussie wheat for the next few months. We can already see the APH price in the Brisbane port zone better reflecting export values than the Newcastle bid, track BNE $374 less rail, NTL $358. APH delivered port bids are also much stronger in the Brisbane zone, $407 vs $380 for Newcastle, something to consider if we manage to pull off a good quality crop here.