The Good: The Tunisian tender results were announced today and durum prices moved up US$5.45 per tonne for cargos delivered in the last half of January to the end of February. The winning tenders were likely all Canadian origin with values from US$371.09 to US$376 per tonne CIF. Soft wheat (likely. European origin) was also higher than the last tender with the values up US$5.40 per tonne. Barley also increased from the November tender (three weeks ago) with the average bid up US$4.53 per bushel.
The Bad: The South American forecast continues to point to dry weather in Argentina and northern Brazil over the next seven days. The concern in northern Brazil is probably the most acute as the crop will begin harvest next month. In North American terms, this is the beginning of August and the rains over the next month will make or break the soybean crop. Southern areas of Brazil will begin their “August” in mid January.
The Ugly: Normally the prospect for a Nor’easter at this time of year would cause all sort of panic on the eastern seaboard in the U.S. as the weather interrupts holiday shopping and travel. With many people working at home, the impact is not going to be as large, but 12 to 18 inches of snow in New York city will still cause some chaos.