CWB wheat PROs rise with recent rally in U.S. futures

Commodity News Service Canada — CWB has raised Pool Return Outlooks (PROs) for wheat in its latest report, due to a recent sharp rally in U.S. wheat futures.

Wheat PROs were anywhere from $15 to $30 per tonne higher, with uncertainty over Russian winter wheat exports behind the advances. Crop conditions for U.S. and European winter wheat crops remain good overall, though there are some worries about dry conditions in Russia. U.S. wheat exports also remain strong, contributing to the firmness in the U.S. futures.

Projected returns for durum were moved lower, ranging from $361 to $480 per tonne, from $367 to $486 in the last report. Buyers are adjusting to the lower quality supply this year, which weighed on values, the report said. Recent rains in Mediterranean growing regions have benefited durum crop development.

Canola PROs were unchanged compared to the last report. Canola futures have been strong lately, following soybeans. Canola crushers and exporters remain steady buyers, according to the report.

Field pea PROs were left unchanged as well, as the market remains steady overall.

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