Most hard red spring wheat values rose in the latest Pool Return Outlook from the Canadian Wheat Board.Hard white spring wheat was also stronger but other wheat classes fell $1.Durum was unchanged as were feed and designated barley.No. 1 CWRS 11.5 percent protein rose $3 per tonne to $191 at port.The board said about a quarter of the intended wheat acreage in Canada was not seeded, but globally the market continues to be dominated by large supply.The board believes global production and demand will be roughly balanced in the coming crop year and so stocks by the end of 2010-11 will be close to the same level they are now.The U.S. spring wheat crop is rated 62 percent good to excellent, up from 44 percent last year.Parts of Russia and Kazakhstan are plagued by drought but the decline is not enough to spark a sustained wheat price rally, the board said.The only challenge globally is the supply of high protein wheat.Durum supply is expected to be more than adequate for 2010-11, but ending stocks should be down. The weak euro is making European durum a strong competitor.The feed barley crop in Canada will likely be smaller, but the international market continues to be characterized by abundance.”It is hard to imagine a scenario where Canadian feed barley will bypass the domestic market in favour of lower returns in export positions,” said the board’s PRO commentary.Malting barley production will likely fall in Canada and the United States this year, but large EU supply and an adequate crop about to be harvested will keep a lid on the market in the first half of the marketing year.Results in Australia and Argentina will provide price determination in the second half of the year, the board said.The board left its 2009-10 feed barley pool B unchanged at $143 per tonne at port.
Quality spring wheat rises in 2010-11 PRO
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