All the talk of rising world wheat prices might have some prairie farmers frustrated.
The Minneapolis spring wheat March contract closed at $24 per bushel on Feb. 25 leading non-farmers to assume producers are swimming in money.
However, Canadian Wheat Board initial payments for Canadian Western red spring wheat are likely closer to $6 per bu. at a prairie elevator.
That, of course, is partial payment on the wheat the CWB sells this crop year. The January pool return outlook, which is the forecasted final payment, works out to about $8 on the Prairies.
The February old crop PRO, expected Feb. 28, should reflect the latest rise in international wheat prices and its effect on the year-long pooled price, which includes sales made last fall at lower international prices.
The CWB’s asking price for sales made now are much higher. The asking price for No. 1 CWRS 11.5 percent protein at Thunder Bay on Feb. 25 was $782.27 per tonne, or $21.29 per bu. In mid November last year, the price was $9.16 per bu.
