Wheat Market Outlook - March 13, 2023

Stats Canada is showing that Canada exported 808.1k mt of durum during January 2023. This is a record monthly amount and especially strong for January when Canadian durum exports are usually at their seasonal low. Wheat was lower following the USDA report. The Russian delegation will meet with the UN to discuss their side of the Grain Corridor export deal on March 13th. Mercantile assumes the corridor is going to be left open. If left open, it is neutral to bearish. If it’s not, it is bullish. The exchange in local currencies is high, so demand will remain slow. Old crop carryovers will be at their minimum, putting pressure on any inverse according to Mercantile.