Corn up, wheat down and soybeans stronger, the nearby contract very much so. The strength in Chicago soybeans spilled over into both the Paris rapeseed contract and Winnipeg canola. Cash canola bids across SE Saskatchewan followed the futures market higher, a December lift up C$11.10 to close on average at C$797.04 per tonne ex farm SE.Sask.
Wheat futures in the states were all lower, dragging both Canadian and US cash prices out of the PNW lower. White wheat out of the PNW was generally unchanged at roughly US$340 instore port. Out in SE Sask 1CWRS13.5 milling wheat bids were lower by C$7.70 per tonne for a Dec lift. The fall widening the spread between high grade milling and high-grade durum wheat. 1CWAD13 durum for a Dec lift actually gained C$1.15 on average, closing at C$448.44 ex farm and widening the spread to milling wheat to C$64.71.

As crazy as it sounds US futures were said to have been lower on the back of expectations that Ukraine wheat will soon be exporting in volume out of the Black Sea. Talk of big line ups of boats were dismissed by credible sources nearer the action than the MSM outlets reporting on the possibility.
Either way what is happening in that region continues to send mixed signals. We have Ukraine wheat exports severely disrupted; this can only result in a higher carry out. We also have better than expected yields in Russia which has some private analyst lifting projected Russian exports to as high as 43mt. Now I’m not sure if the rise in average yield is being “considered” as to not make the acquisition of Ukrainian wheat from the SE less obvious or if that wheat will simply move into a carryover number, belonging to…… someone. Turkish defence minister continues to suggest Ukraine could push wheat through recently agreed export corridor as early as the next few weeks. Well, he’s not talking his book is he.