US and Canadian spring wheat values continued to rise Friday night. Canadian spring wheat XF SE Saskatchewan was bid at an average value of CAD$300.05 according to PDQ. This is a spread above the average December lift price of CAD$23.90, new crop is a discount to old crop. The spread between 1CWRS 13.5 wheat at harvest in August, and nearby is greater again. A bid of CAD$300.05 for a June lift vs CAD$264.12 for August. Interesting comparing local bids here to there. We are currently seeing an AUD$13.00 spread higher for new crop over prompt APH.
US and Canadian spring wheat values moved higher out of the Pacific Northwest by roughly AUD$6.00 to AUD$6.50 / tonne compared to yesterdays conversion. White wheat values out of the PNW were pretty much flat, and HRWW was up about AUD$1.00/t. H2 / HRWW spread now about +US$5.00 to Asia.

US weekly export sales data came out overnight. Soybean meal was the winner this week posting a combined old crop / new crop total of 179kt, the largest weekly total for almost 12 months. Actual bean sales were not so great though, just 33kt vs an pre report trade estimates of 150-500kt.
Wheat sales came in on the higher side at 711kt, very strong. The punters had not been expecting to see a number this strong, but with the US product continuing to be as cheap as it is into nearby and Asian markets, one would expect buyers to be taking advantage. It does raise the question of will the USDA adjust US exports higher in the next WASDE. God knows wheat needs all the help it can get to bounce out of the current rut it’s in. It’s like when you are on the dirt bike and you get stuck in someone else’s track and it takes a while to get out. I’m just hoping it gets out and doesn’t end up spread across the forest floor like I usually do. US corn sales were poor, weighing on the feed grain complex. The USDA have reported some sizable export sales for corn during the week so the next report, which captures this last weeks business, should be better.
International sorghum values were mixed, US ports were either side of unchanged while CiF China values were a smidge higher.