Canada Markets

Canada's Spring Wheat and Durum Export Quotation Trends

Cliff Jamieson
By  Cliff Jamieson , Canadian Grains Analyst
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The trend in export quotations or indications reported by Agriculture and Agri-Food Canada is shown here for the 2014/15 crop year, with the blue line representing No. 1 Canada Western Red Spring 13.5% protein from West Coast terminals while the red line represents No. 1 Canada Western Amber Durum 12% protein from the St. Lawrence (DTN graphic by Anthony Greder)

Export quotations for No. 1 CWRS 13.5% protein wheat was $4.28 per metric ton lower off of the West Coast as of March 27, leaving the reported quotation at $334.61/mt, as reported in Agriculture and Agri-Food Canada's Weekly Price Summary. AAFC cautions this data acts as an indicator price rather than actual selling prices. Values remain flat, with this value just $.32/mt below the average of the past 10 weeks.

Since the beginning of the crop year, this value has ranged from a low of $285.20/mt as of Sept. 19, the only weekly value under $300/mt, to a high of $347.24/mt as of Dec. 26. Since January, this asking price has been reported in a narrow range from a low of $324.75/mt as of March 6 to a high of $339.94/mt as of Feb. 13. The 2014/15 cumulative average is reported at $326.18/mt, $3.73/mt above the reported cumulative average a year ago, while just $.13/mt above the final average of the indications reported for 2013/14.

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The same report indicates the challenges faced in the global durum market. As seen with the trend in the red line on the attached chart, which represents durum quotations from St. Lawrence facilities, the durum export quotation rose from a low of $456.71/mt as of Aug. 1 to a high of $595.84/mt as of Jan. 2, with the most recent report suggesting a price indication of $500.73/mt, 16% below the crop year high. The export quotation as fallen in seven of the past 11 weeks, with three of the weekly drops in excess of $20/mt.

The most current quotation is the lowest seen since data reported for Sept. 19, while paring $95.11/mt or 68.2% of the gains achieved since the beginning of the crop year. The cumulative average for 2014/15 is reported at $538.83/mt, well above the $360.52/mt final average reported for 2013/14.

West Coast durum quotations, (not shown) rose $4.05/mt in the past week to $562.84/mt, just below the crop-year high reached as of March 13 at $568.53/mt. The 2014/15 cumulative average off the West Coast is reported at $499.74/mt, well below the $538.83/mt reported from the St Lawrence. CGC data indicates that total clearance of durum from the West Coast represents 38% of the movement to the end of February.

Cliff Jamieson can be reached at cliff.jamieson@dtn.com

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Cliff Jamieson