StatsCanada amended their controversial average yield from their last report. The new estimate of just 23.8bu/ac (1.6t/ha) is now in line with most industry estimates. It also means that Canada may well produce a sub 4mt durum crop in 2023. Canadian durum quality has been good though, over half of the crop binning as the top grade and just 12% in the worst two grades.
According to the Alberta Wheat Commission price estimate tool, PDQ, average prices for durum wheat across SE Saskatchewan were a little lower yesterday. At C$480.75 XF 1CWAD13 still represents a premium over 1CWRS13.5 milling wheat of C$150.81 (AUD$174.34).

Paris rapeseed futures saw another night of sharp losses. Over the last two sessions the Feb24 contract has shed E25.00, almost AUD$42 at today’s exchange rate. Winnipeg canola futures failed to follow the Paris contract, or the Chicago soybean contract, lower. Nearby ICE canola futures saw slight gains while the outer months saw minimal losses. Oilseeds continue to be caught up in the weaker crude oil market. Any attempt to push higher also being capped by ample world stocks and talk of increasing rapeseed production in eastern Europe in 2024. Not to mention the current projected estimate of 162mt for soybeans in Brazil. Weather in Brazil has been a bit hit and miss, not ideal considering it’s the middle of the sowing window for soybeans there.
The major production area has seen slightly above to slightly below average rainfall for the fortnight. There is flooding in the very far SE. It’s early days though, there is every chance they will sow their projected acres and we’ll continue to see Brazilian soybeans weighing on the global oilseed market again in 2024. Still on the weather, France remains a little dry, Black Sea states are OK, US is dry in the south and wet in the north & Argentina is very dry still.