Looks like some profit taking in Winnipeg canola and Paris rapeseed overnight. Nearby contracts at both exchanges slipped away from recent highs. Taking the movement of the AUD against both the Euro and the CAD into account the nearby moves are equivalent to roughly -AUD$8.10 at Paris and -AUD$7.32 at Winnipeg. Moves in the new crop contract at Winnipeg were much less, Paris too seeing less peeled off the value of the Feb25 slot.

Spring wheat futures at Minneapolis were slightly firmer as were the SRWW and HRWW contracts at Chicago. Winter has finally come to the spring wheat belt, as late as it is. Snowfall is expected to persist and possibly increase over the weekend. The storms are expected to produce significant moisture across what was becoming a very dry US spring wheat belt.
Further north across the Canadian Prairies the news is not so good. Cold conditions, but with very little moisture. It’s very early across the Prairies though, and rainfall amounts for this year are only slightly behind the average for now, so no need to beat that drum just yet.

Dry weather across NW India has seen some good harvest progress for what we would call winter cereals and pulses. This week chickpea values at the Delhi market have fallen away roughly AUD$46.00 per tonne. Samples appear to be showing little damage that some media reports suggested earlier in Feb / March.

There are differing reports on the last Algerian durum purchase, some analyst suggest 300kt was purchased while others are sticking with the first estimate of 150kt – 200kt. Most tend to agree the business was done between US$390 and US$400 C&F. Durum values across SE Saskatchewan were unaffected by the news, old crop values moving C$1.00 higher while new crop values were flat, fluctuations in the CAD the main mover of ex farm durum prices there.