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New-Crop Wheat PROs Rise With River

Concern that the rising Red River will delay seeding, long enough for farmers in Manitoba, Minnesota and the Dakotas to switch to soybeans, is among the factors supporting the new-crop wheat outlook.

The Canadian Wheat Board on March 26 rolled out its latest pool return outlooks (PROs) for both 2009-10 and 2008-09, showing the biggest increases in new-crop (2009-10) milling wheats, rising $8 per tonne.

For example, No. 1 Canada Western Red Spring (CWRS) wheat at 12.5 per cent protein is listed at $290 per tonne in the March 2009-10 PRO, up from $282 in February. No. 1 CW Red Winter (CWRW) is $251 per tonne, up from $243.

But durum values in the March 2009-10 PRO are all $3 per tonne lower; No. 1 CW Amber durum (11.5), for example, is at $290 per tonne.

Malting barley PROs for March 2009-10 are also down by $8 per tonne from February, with Select CW two-row and six-row now at $255 and $235 respectively. Pool A feed barley ($161), feed wheat ($198) and No. 5 CWAD ($198) are unchanged.

Values for wheat, durum and malting barley changed only slightly, meanwhile, in the March 2008-09 PROs. Most grades of milling-quality wheat were up $1 per tonne; No. 1 CWRS (12.5) is at $298. Nos. 3 and 4 CWRS and CW Feed are flat at $266, $254 and $196 respectively.

Milling durum values in the March 2008-09 PROs ranged from up $2 to down $3 per tonne. No. 1 CWAD (11.5) is at $356, up from $354, while No. 2 and No. 3 CWAD (both 13.0) are at $344 and $329, down $3 each. No. 5 CWAD is flat at $196.

No. 1 CW feed barley (Pool B) dropped $3 per tonne in the March 2008-09 PRO to $166, while Select CW two-row and six-row malting barley both remained flat from February at $320 and $300, respectively.

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