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CWB’s PROs for wheat/barley unchanged

The Canadian Wheat Board has left unchanged its March price projections for wheat and barley that will be delivered by western Canadian producers during the 2011-12 crop year.

Durum values were raised by C$1 to C$3 per tonne with the increase dependent on the grade and class.

The CWB linked the increase in durum to the negative production outlook for the western Mediterranean durum-growing region. Crops in Morocco and Spain have received some rainfall during the past month, but crop losses are still expected in both countries.

Dryness in parts of North Dakota and Montana was also raising some concerns about spring planting conditions, but most areas have enough moisture to plant the crop.

In Western Canada, increased acreage reported by Statistics Canada will pressure durum values and is expected to keep the price spread between durum and spring wheat at historically narrow levels. Changes to the outlook for durum returns were minor this month due to the fact that a large portion of the pool is already sold, the CWB said.

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