MARKET OUTLOOK – WHEAT

Western Canadian cash wheat bids grabbed $2 per tonne week-over-week but remain in the trading range for cash values we have seen since late November. Producers continue to fill the system with wheat around these values as producer deliveries and exports continue at a steady pace. Exports were down week-over-week to some of the lowest values of the year. 224,000 tonnes (525,500 tonnes week prior) left the borders in Week 22, but holiday trade could be blamed partly for that move. Canadian wheat needs to remain competitive into the world market and a growing supply of wheat globallywill cap major moves to the upside. Market sits comfortably for the time beingbut will begin to shift its focus onto winter wheat conditions in the Black Sea, European Union and United States in the coming months. Aside from this, demand drive is what the market will need to see to chew away at some of theincreased stocks that are being presented as Argentina and Australia wrap up their harvests. Fully updated charts below in this week’s report from today's USDA WASDE and FAS reports. Western Canadian wheat market outlook remains relatively neutral for the current time.

MARKET OUTLOOK – DURUM

Price outlook overall for the crop appears relatively flat as has been for much of the marketing year for Western Canadian producers. Algeria’s tender for durum helps chew up a few more tonnes of Canadian durum. Stocks are higher than the year prior in Canada and exports are strong vs where anticipations were at the beginning of the season. Turkey has turned into a net importer of durum grain, and we will need to see how demand into some of our key players forecasts out. Markets are focused on how Canadian and global ending stocks will shake out for durum and, plus how the North African, Mediterranean, and European crop prospects appear over the coming months. Right now, we are in a demand driven market.
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