Algeria bought 230-250,000t of durum for last half May/June shipment at a price that works back to about $15/bu delivered Saskatchewan. This confirms the volume transition to accessing cheaper new crop. Instances of localized $16.50/bu have worked to Morocco and small parcels to US/Canada domestic, Japan and South America. The volume focus is on new crop where Italy has been a buyer of 2 CWAD equivalent around $14.50/bu delivered Saskatchewan. 8 million North American seeded durum acres is ample for a supply rebuild if yield and quality normalize. In the meantime, if adversity happens, new crop should converge higher with old crop. If not, old crop should converge lower with new crop.
27 Apr, 2022