New crop wheat, durum and malting barley values rose in the Pool Return Outlook released by the Canadian Wheat Board today.
International wheat prices have risen on worries about reduced production in the Former Soviet Union and Europe. Coupled with the smaller acreage in Canada, these problems have pushed futures higher.
However, the large global carry-in of wheat from 2009-10 provides a measure of comfort, as does the prospect for a large wheat crop in the United States that will contribute to cumbersome stocks in that country, the wheat board said.
The tight U.S. corn supply-demand situation has the potential to support all grain prices if yields prove disappointing.
World durum supply and demand has not changed significantly since the last PRO, but buyers in the Mediterranean have started showing interest in pricing their future needs, the CWB said.
Malting barley values have risen largely because of problems in Canada and the heat wave in Europe.
No. 1 11.5 percent protein CW red spring wheat climbed $7 per tonne to $198 at port.
No. 1 11.5 percent protein durum climbed $13 per tonne to $196.
No. 1 CW red winter wheat climbed $7 per tonne to $18.
Select CW two-row designated barley rose $10 to $214 per tonne and six-row rose $11 to $197.
The CWB also released a new PRO for 2009-10.
Wheat classes rose by $1 per tonne.
Durum rose by a range of $1 to $4 per tonne.
Designated barley fell $1 per tonne.
No. 1 11.5 percent protein CW red spring wheat climbed $1 per tonne to $206 at port.
