Chicago corn and soybean futures took a breather while US wheat futures closed either side of unchanged. The HRW and spring wheat grades in the US and Canada were generally higher nearby with outer months following the row crops lower.

Cash bids for durum out of SE Saskatchewan average an increase of roughly C$16.78 per tonne for a December lift . The average price now at C$407.90 per tonne, Dec 24 pickup. This is less than C$7.00/t under the nearby value for durum. The rally in new crop Canadian cash bids for 1CWAD13 durum ex farm has durum now at a premium of C$28.24 over 1CWRS13.5 milling wheat.
Canadian cash bids for feed barley were also higher, jumping between C$10.00 and C$15.00 per tonne across Alberta.

Although rice may not be something we consider when looking at a wheat marketing program it may need to be watched a little more closely this year. India have said that late heavy monsoon rains have been detrimental to rice production there. Indian thus imposed a ban on non basmati rice. Potentially halving the export volume of the worlds largest exporter of rice for 2023-24. The type of rice affected by the export ban accounts for roughly 10mt of India’s annual rice exports of 22mt. The move is an attempt to slow food inflation in India, where rice has already gone up 11.5% in the last 12 months, 3% of that last month. This ban on rice exports comes on the back of a recent ban in wheat exports.
With major rice importers already short on stock and many N.African countries going through their 3 drought in 4 years. Shrinking rice availability may push buyers towards alternative grains. Potentially seeing further increases in demand for wheat into some Asian and N.African nations.