Values for durum are up in the Canadian Wheat Board’s latest pool return outlooks (PROs) for both the 2008-09 and 2009-10 crop years.
The CWB, in its May PROs released May 28, noted global durum production is expected to be slightly higher than last year overall, with “significantly larger” production in North Africa than in 2008-09, offset by an expected smaller crop from Europe.
Late seeding in the U. S. durum-growing region and dryness in Western Canada are causing concerns about the production and quality outlook for durum in North America, the CWB said in its 2009-10 durum outlook.
As well, the CWB said, a strong Euro has helped boost demand for durum in the European Union (EU).
Durum demand has generally shown “some strength” in recent weeks, the CWB said in its 2008-09 outlook, with buyers extending coverage levels forward to hedge their position against “possible deterioration” of durum crops in Europe and North America alike.
A rapidly appreciating Canadian dollar, however, has offset stronger durum prices, the CWB said.
Milling durum values are up $9 per tonne in the May 2009-10 PROs compared to April levels. No. 1 Canada Western Amber Durum (CWAD), 14.5 per cent protein, for example, sits at $305 per tonne, up from $296 in April. No. 2 CWAD (13.0) sits at $285 per tonne, up from $276. Feed-grade No. 5 CWAD is up $2 at $194.
The May 2008-09 milling durum PROs, meanwhile, show increases of $5 to $6 per tonne. No. 1 CWAD (14.5) sits at $378 per tonne, up $6, while No. 2 CWAD (13.0) is at $349, up $5. No. 5 CWAD is down $4 at $192.
WHEAT UP, AND DOWN
The 2009-10 PROs for milling wheat show most values up $2 per tonne from April levels, including No. 1 Canada Western Red Spring (CWRS), 14.5 per cent protein, at $298. No. 3 CWRS sits at $251, also up $2. No. 1 CPSR and CPSW wheats are both flat at $244 per tonne, while No. 1 CWSWS sits at $219, down $8 per tonne.
Milling wheat PROs for May 2008-09 range from unchanged to down $2 per tonne, with No. 1 CWRS (14.5) down $2 at $324, No. 3 CWRS flat at $266, No. 1 CPSR and CPSW flat at $259 and No. 1 CWSWS down $1 at $227 per tonne. CW Feed wheat dropped $4 to $192 per tonne.
MALT BARLEYS DOWN
The CWB’s PROs for 2009-10 malting barley show Select CW two-row and six-row both down $4 from April levels at $244 and $224 respectively. The new 2008-09 PROs show malting barley down $3 per tonne from April levels at $317 and $297 respectively.
In the 2009-10 PRO, No. 1 CW feed barley (Pool A) rose $2 from April levels, to $158 per tonne, while in the 2008-09 PRO, No. 1 CW (Pool B) dropped $3 per tonne, to $163.
The next 2008-09 PRO is expected to be released July 23, the CWB said; the next 2009-10 PRO, June 25.