The Canadian Wheat Board has lowered its price projections for most classes of wheat and durum sold during the 2009-10 (Aug./July) crop year. The Pool Return Outlooks, released January 28, were left unchanged for barley.
Wheat values were steady to down $5 per tonne from December, with most classes of wheat seeing declines. The CWB said declining U. S. wheat futures and large global stocks weighed on values. However, quality issues with the South American and Australian crops should provide some support for higher-quality wheat
Expectations for a reduction in global wheat acres were also somewhat supportive.
Durum PROs were down by $12 to $15 per tonne from the previous month on most classes. Only No. 5 quality durum was left unchanged. The CWB said world durum values were pressured lower over the month by large global supplies, limited import demand, and aggressive pricing from non-traditional exporters. The weaker euro also weighed on values. Timely rains for the North African durum crops should help with production in the region, but were negative for prices.
Feed and malting barley PROs were left unchanged. Steady Chinese demand and quality problems with Australia’s crop were seen as supportive for malt barley prices. However, large European supplies and reduced demand in Europe and North America kept prices at unchanged levels.