A public holiday in the US leaves us with little direction from the N.American market this morning. Futures and cash values out of the US are unchanged from yesterday. Canadian cash values XF SE Sask were generally flat for milling and durum wheat.
Canola values, both ex farm and at Winnipeg, were a little higher. Cash bids out of SE Sask for new crop canola were on average C$2.30 higher for the November slot. Winnipeg canola saw a little upside in the nearby July slot but was C$2.00 higher in the Jan 25 slot. Greater strength was shown in the MATIF market, Paris canola futures closing sharply higher nearby, gaining €5.25 in the Aug24 contract, and +€4.75 in the Feb 25 slot.
Paris milling wheat futures were up €1.50 in the Dec 24 slot and London feed wheat futures were also higher, adding £1.10 in the Jan25 slot.
The AUD continued to climb higher, up 0.26% as of the time of writing this. It’s not much, but it will counter some moves in some commodities like nearby canola futures at Winnipeg.
Cash prices for chickpeas at the Delhi market were +39Rs/Q. Taking the change in the AUD/Rs into account it equates to just over AUD$3.00/t, so values are still back AUD$26.87 week on week at Delhi. I see some buyers into Narrabri and Wee Waa have withdrawn their cash contract bids or are POA. Values into the Goondi and Downs packer Oct / Nov remained unchanged on the day. Desi values in Saskatchewan were on average about C$439.50 per tonne for June / July. Kabuli 9mm paying roughly a C$200 premium to desi there.
Thailand picked up 60kt of feed wheat from Agrocorp out of the Ukraine at US$267.98 C&F. The value indicates that the shipment will go the long way around, avoiding the Suez Canal. On the back of an envelope this would roughly convert to a price of AUD$310 ex farm LPP equivalent. Pretty much on par with current new crop values here. The delivery period was guessed to be between August and December.
The market is digesting what the removal of export license permits will have on a raft of Argentine agricultural products, including wheat, very globalist of them.