The Canadian Wheat Board’s latest Pool Return Outlook lowered expected wheat returns for both the current crop year and for 2010-11, while the new crop durum outlook was more mixed.
The board said world wheat supply is still in surplus. Markets are also held in check by expected large crops in the United States this year and by the general economic malaise caused by Europe’s debt crisis.
The durum market is expected to continue to be oversupplied in 2010-11 despite expectations of a smaller North American crop. The recent depreciation of the loonie, tied to worries that European finance problems will spread to other countries, was the main factor behind the rise in the 2010-11 durum PRO.
For 2009-10, wheat PROs are steady to down $4 per tonne compared to the last report two months ago.
No. 1 CWRS 13.5 percent protein is $235 per tonne at port, down from $238 in March.
Durum values ranged from a $1 increase to a $4 decrease.
No. 1 CWAD 13 percent protein was $197 per tonne, up from $196 in March.
Malting and feed barley values were unchanged.
For 2010-11, wheat PROs ranged from up $1 to down $6 per tonne from April
No. 1 CWRS 13.5 percent protein is $214 per tonne at port, down from $215 in April.
Durum values are steady to $5 higher.
No. 1 CWAD 13 percent protein is $195 per tonne, up from $190 in April.
Malting barley values are up $4 per tonne and feed barley is unchanged.
Select two-row designated barley is $204, up from $200 in April.
