The Canadian Wheat Board projected lower new-crop wheat values on Thursday for the upcoming 2011/2012 (August-July) marketing year than it forecast a month ago. Values vary depending on class, grade and protein level. Wheat values down $23 to $28 per tonne. Libya crisis, Japan earthquake made markets volatile in past month.
US corn supply-demand balance to determine wheat market direction. Volatility seen in corn prices through 2011 growing season. Abundant wheat stocks, positive production potential outside North America. Spring wheat crops in North Dakota and Western Canada to be catalyst for quality spreads.
Durum values down $24 to $38 per tonne. Durum trade has slowed. Durum production prospects improving as weather favourable in North Africa and European Union. Ending stocks of durum in Canada and the EU expected flat from 2010/11 to 2011/12. Feed barley Pool A down $26 per tonne, malting barley off $9 per tonne. Feed barley export demand to shift rapidly to Ukraine and Russia; Canada to see difficulty competing in Saudi Arabian market.
Comments
Comments are closed for this article.