International grain futures generally closed in the green overnight. Wheat futures in the US saw gains for the three main grades, the milling grade of HRWW leading the way. There were also good gains made in the Paris milling wheat contract, the Dec23 slot closing E6.00 higher at E238. Gains were not restricted to the nearby months, outer months too picked up some decent gains at the Paris exchange.
Even London feed wheat futures saw some upside.
International cash bids were also firmer, chart attached. The catalyst for the move appears to be the tighter balance sheet in yesterdays USDA WASDE report. The usual mix of drone strikes on Ukraine shipping routes and ports was also mentioned as being bullish, but the trade has generally factored Ukraine export pace into the equation. Any disruption beyond government interference to Russian export pace may be viewed as more bullish though.
Cash bids for both durum and bread wheat across SE Saskatchewan were flat to firmer. Milling wheat jumped C$5.21 on average for a Jan24 lift.
Durum values were flat, unchanged at C$504.99 for a Dec23 lift SE Sask.
With a bumper durum crop in Turkey, and grain flowing from Turkey into both Italy and N.Africa, durum prices, although well supported by a tight global balance sheet and a smaller than expected Canadian crop, are likely to flatten out in the short term due to the availability of durum from Turkey. Values into Italian ports have also stabilised, unchanged from the first week of September.

Iran picked up 240kt of what is believed to be Russian milling wheat for October shipment. The value was said to have been US$314 to US$347.35 per tonne C&F Iran port. This continues to indicate very stiff competition from Russia for EU wheat into the Middle East and N.Africa.