While there has been widespread precipitation in parts of Western Canada, a large portion of Alberta and Saskatchewan still have soil moisture levels well below average.
Meantime, in shipping week 12, Canadian springwheat #exports recovered slightly from the week before at 185.5k mt. This is still well below the 249.4k mt worth of weekly sales needed to reach AAFC’s export estimate.
Meantime, stocks in Eastern ports continue to grow and there are now 1.1 million mt of wheat ready to export from Eastern terminals with an additional 238k mt sitting in Vancouver.
Total visible supplies (stocks in primary elevators, process elevators and export terminals) are at a 3-year record of 2.85 million mt as grain companies are trying to secure stocks.
Total grain deliveries of 4 million mt, indeed, indicate that 22% of the total Canadian wheat crop has been delivered into the grain handling system.
Thus, as we can see, deliveries lag compared last year by 20% when the crop was ~36% smaller.
As for durumwheat, Canadian farmers continue to see no reason for the durum market to fall and at this moment, they are not available to sale down below $21/bu.
Indeed, as a consequence of the rise in elevators’ cost this week, Canadian durum exports have slowed a lot, to reach only 4.1k mt.Particularly, elevators’ cost this week was at CAD $110.49, up $3.24 from $107.25/mt of previus week.
That partly eroded basis bids by $11.02, quoting now at $723.46 ($19.53/bu) down from $734.48 prior week.
For the season, total Canadian durum wheat exports are now at 739k mt.
This is 19% (-174k mt) less than last year. Canadian farmers have delivered to elevators roughly 26% of their total production for the year.
That is 5% ahead of last year.
