Upwardly revised estimates of U.S. wheat acres, record-high exports from producers overseas and a strong loonie have combined to cut down the Canadian Wheat Board’s 2009-10 pool return outlooks (PROs) for wheat by $12 to $17 per tonne.
Among the July PROs released July 23, lower international durum values pressured the new-crop durum outlook downward by $14 to $18 per tonne, while malting barley PROs slipped $6 per tonne. Pool A feed barley remained flat at $158 per tonne.
The CWB has also released its July PRO for 2008-09, showing wheat values down $2 per tonne from the previous PRO in May; milling durum values up $2 per tonne; malting barley values down $3 per tonne; and Pool B feed barley unchanged at $163 per tonne.
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Impacts from lower wheat futures and the stronger loonie are limited in the 2008-09 wheat PROs, as a “large percentage” of the board’s 2008-09 wheat pool has already been priced. The 2008-09 durum pool is now also “largely sold,” and the 2008-09 malting barley pool can expect “minimal” impact from future price changes for the same reason, the board said.
