Durum prices ex farm SE Saskatchewan were a little lower overnight. Slipping around C$7.11 for a December lift. The average price ex farm SE Saskatchewan according to PDQ is about C$484.65 (AUD$563.46). Compared to French, Russian or Turkish durum, Canadian durum is still too expensive to work into any of the recent N.African tenders or the Italian market in volume.
Overnight the details for the Tunisian tender were made public. Tunisia was expected to pick up 75kt, but booked 100kt at US$415 – US$419 CIF. On the back of an envelope that’s roughly equivalent to about AUD$540 delivered port Newcastle. Indicating that our current cash bids do stack up OK depending on quality.
Canada is managing to find buyers, weekly durum exports were good, sales are probably not to China though. Values out of the US PNW into China were reported at US$344 CiF China on average for 13.5% protein durum wheat. On that same envelope the CiF China price comes in around AUD$25 less equivalent than the Tunisian business basis Newcastle. It also indicates that the current Canadian price ex farm SE Sask is way above the price needed to buy demand into China for Canadian durum. The CiF China price is roughly the same as the XF SE Sask price.

Canola and rapeseed futures broke away from Chicago beans last night. Beans were lower while both Winnipeg and Paris futures closed with healthy gains. Paris Feb24 closed E11.50 higher, the Jan24 slot for canola at Winnipeg was up C$7.90 per tonne.
US wheat futures saw a choppy session featuring mostly technical trade but also gathered some fundamental support from export sales. Further US wheat sales to China were announced and weekly export sales were good out of the states.