Statistics Canada released the September ’21 export numbers.
A total of 1 million mt of wheat (excl. durum) were exported during the month of September.
This compares to 1.56 million mt during Sept. 2020.
The top destinations this year in September were the US (191k mt) and Indonesia (177k mt).
Exports to the US during Aug-Sep are 23% larger than last year.
As of September, Canadian wheat exports are running 27% (-962k mt) behind last year.
The countries with the largest decrease are China, which has imported just 53% (-198k mt) of last year’s amount, and Bangladesh which has imported just 54% (-139k mt) of last year’s amount.
As for durum wheat, according to StatCan, Canada exported 225k mt of durum during the month of September.
This was just over half of the Aug. volume but is 58k mt higher than what Canada shipped in Sept. ‘2020.
Italy was the largest buyer, importing 73.2k mt of durum.
Aug-Sept exports to most major destinations are higher than last years; the US has imported 84k mt more durum than last year, while exports to Belgium are 48k mt ahead of last year.
Meantime, in shipping week 13, Canadian spring wheat exports amounted to 333k mt, for a season total of 3.39 million mt.
This is just 63% (-1.9 Million mt) of last year’s export number.
Visible supplies rose to 2.78 million mt as producer deliveries continue to outstrip exports.
As for durum wheat, in week 13, exports amounted to 121.0k mt for a season total of 860.2k mt.
This is 78% (-236.8kmt) less than last year.
Meantime, Canadian durum wheat export price continued to rise last week.
Indeed, as of November 8, Canadian durum export price was at CAD $840.37/t, up $6.02 per tonne from prior week.
However, it should to note that basis bids continued to be eroded by an increase in elevator costs due an intense export activity and an increase in energy prices.
Particularly, elevators’ cost this week rose at CAD $123.5, up $13.01 from $110.49/mt of previus week.
That partly eroded basis bids by $6.58, quoting now at $716.88 ($26.55/bu) down from $723.46 prior week.
Certantly, after grain companies execute their post-harvest commitments, durum exports will decline as Canadian supplies are limited and demand rationing will have to take place.
Meantime, its should to note that new crop durum targets in SE SK being hit at $13.00-$13.50 per bushel for a 1CWAD for fall 2022 delivery.
Some Canadian farmers believe that these are excellent prices, as show an unusually high~$4.00 per bushel premium to spring wheat.
Maybe, someone could consider to sell a part of next production at these levels (likely~15-20%).
