Decreases in the Canadian Wheat Board’s pool return outlook for October have hit higher protein wheats the hardest.
Estimates for wheat with 13.5 percent protein fell $8 per tonne from last month, while feed wheat estimates fell only $2 per tonne.
Analyst Don Bonner said during the last couple of months, the premium for spring wheat on world markets has shrunk because of traditional harvest pressures.
Demand from buyers for higher protein wheat has not been strong.
“Perhaps that (demand for higher protein wheats) will come back later on, but price levels haven’t been up to our expectations,” said Bonner.
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The wheat board has good sales on its books for lower protein wheats, and expects to move them more quickly than higher protein wheats in the fall and early winter shipping periods.
Canada will have a smaller proportion of high-protein wheat for sale this year.
The Canadian Grain Commission has found average protein content in this year’s wheat crop is 13.3 percent, down by eight-tenths of a percent from last year.
But Phil Williams, quality researcher at the commission, noted last year’s wheat crop enjoyed above-average protein. And preliminary quality results from this year’s crop appear strong.
“Everything looks first class,” he said.
“I’m pleasantly surprised that grades held up so well,” he said, alluding to the wet weather that plagued many farmers this year.
Temperatures were cool, noted Williams, which meant there was less sprout damage in wet crops.
