26/9/23 Prices

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There were rumours yesterday that Turkey was about to ban the export of durum wheat. This comes after a very aggressive selling period after a record crop was produced in eastern Turkey this year. Turkey, if able to export what they are currently projected to, could become the worlds largest exporter of drum wheat in 2023-24, just a few hundred k ahead of Canada.
Currently we see Turkey with durum exports at about 541kt. Italy has taken the lions share of that, 297kt, Europe taking another 106kt. Tunisia with 82.5kt and Algeria with 30kt. There is talk that Algeria will be back again for more durum come early October.
There are a few more quality reports coming in from the Canadian harvest. As expected the dry finish has yielded some very good protein wheat. 1CWAD durum is seeing average protein around 14.9%. Across all grades and provinces the protein is high, often above 15%.

The USDA weekly crop progress report was out overnight. US corn is 15% harvested, the G/E rating is 53%, up 2pts from last week. Soybean harvest is 12% done, crops in the far south approaching the 3/4 harvested mark. The US soybean rating was 50% G/E, back 2pts on last week. 13% of their cotton is picked. 92% of their sorghum is coloured up, and 28% is in the bin. Week on week the condition of the sorghum crop fell 1pt to 42% G/E.

Argentine weather remains mostly dry apart from a storm that produced heavy rain across Sth Santa Fe. Buenos Aires is seeing average to less than average rainfall but the bulk of Cordoba, La Pampa, Santa Fe and Santiago provinces are mostly dry. As a rough guide BA produces about 40% of Argentina’s wheat, Cordoba 20% and Santa Fe 20%. The higher production area is along the Cordoba / Santa Fe border, where the heavy storm was.

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