The bottom pickers trolled the US wheat pit last night resulting in some much needed upside by the close in HRW. Technically SRWW at Chicago is oversold and has been for most of March. It’s just been one thing after another pushing punters to short wheat but fundamentally wheat hasn’t been the dog you might expect it to be. Production estimates in Europe are lower, and the export pace out of the USA isn’t too bad either. The outside markets continue to be the issue but technically wheat does appear to be presenting some opportunities.
Chicago corn on the other hand was smashed again in overnight trade. Technically Dec corn is now oversold, but as with wheat it is struggling against the outside market influence and its links to the energy market through ethanol.

Tunisia picked up 67kt of durum in their tender at an average price of US$331 per tonne CFR. Canada made the sale with tonnage split between Richardson and Glencore. Price wise the amount was almost the same as their January purchase.
In SW Saskatchewan cash durum values are pretty much unchanged across most months. Nearby values at bid at C$274 ex farm while new crop values for December delivery are closer to C$240 ex farm.
Dry weather is expected to remain across some parts of N.Africa but Morocco is predicted to see some good falls over the next 7 days while Algeria and Tunisia may only see scattered showers. Dry weather is also persisting across the durum region in southern France but western and northern durum growing areas have seen good rain, possibly a little too much in some places. Italy is also a little dry.