Spring wheat was clearly the standout performer in the US grains complex last night. Corn and soybeans closed lower as updated weather maps show good rainfall likely this week for the US corn and soybean belt while indicating it is going to remain dry across the durum belt of the US and Canada.
MGEX nearby spring wheat put on another 16 3/4c / bushel, roughly $8 to you and me. Since this time last month we have seen the December contract for spring wheat at MGEX put on 93.75c/bu, that’s about $45 / tonne. During the same time frame our new crop APH2 bid has increased from $279 to $319 / tonne NTP NTL an increase of $40. Soft wheat futures in the US have only put on a little more than half the rally in the premium grade wheat. Our local spreads for new crop APH over APW have remained unchanged but local values have increased by the same value as the US premium grade, so I guess we are not doing too bad.

The biggest disappointment would have to be durum. Old crop Saskatchewan values are steady at C$263 / tonne while bids for December are C$257 ex farm central Sask. Locally we see new crop durum paying a $21 premium to APH2, in Canada, presently this is not the case and spring wheat is in fact valued around C$18 over 1CWAD.