19/4/24 Prices
Tunisia picked up 25kt of durum by tender overnight. Casillo appears to be the lowest offer at US$376.49 C&F. Roughly US$7.50 less than their last purchase on April 4th. The purchase of a single load of durum is thought to be as a replacement for a rejected vessel of Turkish durum sold by Casillo and shipped back in February. The reason for the rejection has not been made public but is thought to be on the grounds of poor quality.
There was also rumors in the trade that Algeria will be tendering for more durum next week.
Problems persist with the Italian durum crop, a warm dry winter and spring is expected to see yields slashed, in some places in half. All this on the back of roughly 10% less sown acres. The 7 day rain forecast looks better for northern durum districts but the southern districts and Sicily will miss out again.
French and Canadian durum values were firmer, in both local currency and in AUD/tonne. French values out of Port La Nouvelle pushed more the AUD$10.00 higher while cash bids out of the SE of Saskatchewan were unchanged in the new crop but old crop values were C$2.50 higher.
US wheat futures had a mixed session soft red winter wheat was lower while the premium grades, HRWW and spring wheat both pushed a little higher against the stronger US dollar. Paris milling wheat futures were mixed, nearby up E2.75 while the Dec24 slot was unchanged. Values out of the US Pacific Northwest saw white wheat unchanged and the milling grades in AUD per tonne pushing AUD$3.00 to AUD$4.00 higher.
Paris rapeseed was firmer while Winnipeg canola slipped away. In AUD the move at Paris is roughly equivalent to +AUD$3.48 on the nearby contract, the Feb25 slot was higher by similar but slightly less value. The move at Winnipeg was minimal, in AUD terms roughly -AUD$1.41 nearby.
Black Sea milling wheat values were flat to lower, Ukraine slipping away even when using the weaker AUD to convert. Russian values were lower but the AUD basically countered the move. Showers in France continue to keep conditions wet. The 7 day forecast is for more of the same, Germany wetter again.