Wheat and durum prices generally fell in the Canadian Wheat Board’s latest 2009-10 Pool Return Outlook, reflecting rising estimates of the size of the world 2009 crop.
The change to wheat PROs from August ranged from down $13 per tonne to up $3 per tonne, depending on grade and protein level. Milling durum PROs declined $25 per tonne. Malting barley is down $12 per tonne, while the Pool A feed barley PRO dropped $9 per tonne.
Reports of below normal protein in the U.S. spring wheat crop increased the premium for the highest protein CW red spring wheat.
A better-than-expected world durum crop pressured its outlook lower. Canadian durum quality is above average so far, the CWB said.
Poor livestock economics and a large U.S. corn crop are pressuring feed grains lower, including barley.
A good malting barley crop in Europe and forecast of good production in Australia are pressuring that class lower. Reports from the Canadian barley harvest indicate a wide range of quality.
The wheat board also released its final PRO for 2008-09.
Wheat and malting barley prices are unchanged from the last PRO issued in July. The PRO for milling durum is down $1 per tonne, while Pool B feed barley increased by $5 per tonne.
Feed barley returns slightly exceeded expectations at the time of the July PRO, which improved the pool outlook.
The full PROs are available at www.cwb.ca.
