International grain futures were generally lower last night. Paris milling wheat in the Dec slot shed E3.50, closing at E325.25. At Chicago both HRWW and SRWW futures were lower. Minneapolis hung on well but closed in the red.
Cash values out of the US Pacific North West were mixed, generally not as soft as the futures market. White wheat out of Oregon remains strong, actually gaining a little in value thanks to the weaker AUD.
US SRWW futures at Chicago fell about AUD$8.71 while DNS spring wheat out of the PNW in AUD terms was actually up about half a dollar. Canadian spring wheat bids ex farm SE Saskatchewan were down about C$3.28 for a December lift.
1CWAD13 durum in the same region fell just C$0.32, widening the durum / milling wheat spread to C$14.88.
StatsCanada currently peg the durum yield at 38.8bu/ac while SaskAg peg yield closer to 30bu/ac. Remembering the start to the season I’d tend to side with the locals at 30bu. In the big picture the difference represents about 1.5mt of durum.
Interesting to see a sharp decline in canola basis from the Canadian interior to Vancouver too.

There is talk of some frost damage to wheat in northern Argentina. This time of year you wouldn’t expect a frost or two to be a major issue but dry weather has plagued Cordoba, pushing maturity. Looking at the recent data on World Ag Weather minimum temperatures in the north were generally around 0C over the weekend. Some locations in the southern parts of Cordoba were colder, around -2 or -3C. Keep an eye on this but it may not be a major issue in the longer term. Dry weather is more of a concern to Cordoba than cold weather at present. We may even see “wheatpesos” come January.