US markets will be closed on Monday for the annual Labor Day holiday.
Overnight Chicago corn, wheat and soybeans all closed higher, bouncing off yesterday’s lows. Strength in soybeans rolled through to both the Paris rapeseed contract and the Winnipeg ICE canola contract.
Cash prices across SE Saskatchewan for canola were also firmer, nearby delivery slots increased C$4.80 per tonne. There has been a little canola harvest across the Canadian Prairies, the latest reports suggesting around 15% is in the bin.
Still in SE Sask we see the average cash price for durum was lower overnight. A December lift ex farm there falling C$11.40 per tonne to C$394.28. This move is against the trend higher in the milling wheat, 1CWRS13.5 milling gaining just under a dollar and seeing an average bid ex farm for December at C$378.24 according to price discovery source PDQ. This leaves the wheat / durum spread now at C$16.04 / tonne. Grade spreads in durum are not too bad, the gap between 1CWAD13 and 2CWAD11 is less than C$5.00. Durum values out of the SE of France were, in Aussie dollar terms, back close to $5 per tonne, the firmer AUD not helping the conversion. The strength in the AUD may counter much of the move in most of the grains come Monday.

The Russian wheat export pace remains slow. The export tax still viewed as too high and grower sales have been minimal for this time of year. The export tax is keeping stocks in Russia at present, deflating local prices there much to the grower’s disappointment. How will the Russian government push for an increase in grower selling, or do they wish to.
Still no confirmation of the exact price the Russia / Egypt wheat biz was done at. There’s $40 difference in the trade speculation on price.