The Canadian Wheat Board released its first forecast of 2009-10 wheat prices and while down from last year, it does represent the third best early season PRO since the agency began producing them.
The new-crop PRO for No.1 CWRS 13.5 percent protein is $7.87 per bushel at port, down 26 percent from the board’s first forecast for 2008-09 of $10.61 per bu., which was made as wheat markets were peaking.
The new-crop durum PRO is down by a third, with No. 1 CWAD 13 percent protein at $8.25 per bu. versus $12.68 at this time last year. Feed barley is down 31 percent, at $3.51 versus $5.12 last year.
Two-row malting barley is $5.73 for 2009-10 versus $7.84 for 2008-09, and six-row is $5.29 versus $7.40.
