US wheat futures moved higher later in the session. All three grades making good inroads after open interest in SRWW futures at Chicago hit what some analyst were considering to be a major support level. US weekly net sales came in a 667,200 tonnes, not bad. Weekly export loading for the same period, 14th – 20th June, were not great, but not abysmal at 323,100 tonnes.
Other supportive news came from the Canadian acreage. StatsCanada reports that Canadian farmers have sown less wheat, corn, canola and barley than last year, while increasing pulse and oat acres.
Canadian wheat area was estimated at 26.6 million acres, back 1.1% year on year but above the 25 million five year average. Spring wheat acres were back 2.8% to 18.9ma, winter wheat was back 5.8% to 1.3mac and durum saw an increase of 5.5% to 6.4mac. Movement in values across SE Saskatchewan reflected these changes. Canola and spring wheat values moving higher while durum values continue to slip away. Nearby 1CWAD13 durum fell C$3.02 / tonne as it slowly converges with new crop prices which were relatively flat, shedding just C$0.39/t. The spread between old and new crop durum there now just C$27.00. French durum values out of Port La Nouvelle gained AUD$2.63 per tonne when taking Euro / AUD moves into account.
Canadian canola area was estimated at 22 million, just 0.3% below the previous year. Possibly raising the question why did both Paris rapeseed and Winnipeg canola manage to close higher. Looking at the weather in both France and Canada will probably tell you the reason. Wet weather is expected to persist across much of the major rapeseed regions of Europe and there are storms being predicted for early next week across the major canola regions of Canada.

Algeria picked up 130kt – 150kt of milling wheat yesterday. Tonnage and price is speculative as Algeria do not make these details public, but the trade are assuming a C&F Price of about US$249. It is also assumed that the origination will be from the Black Sea, once again France missing the order.