The Canadian Wheat Board now plans to move more tonnes of Prairie wheat and barley out of the country in 2009-10 than it has since 2000.
The CWB’s annual Grain Marketing Report, released this week, announces a revised export target of 18.7 million tonnes for the 2009-10 crop year, up two million tonnes from its mid-summer projections and down about 500,000 tonnes from its previous export record of 19.2 million in 1999-2000.
Also, the CWB said in a release Wednesday, “marketing prospects (have) improved somewhat since the report was created, and several export targets could move higher.”
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The CWB’s current 2009-10 export program consists of 13.5 million tonnes of wheat, 3.5 million of durum and 1.7 million of barley, including up to 1.3 million tonnes of bulk malting barley.
“Despite fears of an early killing frost, record-high September temperatures led to high quality and high yields for the 2009 crop,” the board said Wednesday.
“After experiencing a growing season in which crop production and quality was continually revised downward due to poor weather conditions, the CWB is pleased to be moving ahead with a strong export program notable for its high-quality grain,” chief operating officer Ward Weisensel is quoted as saying in the new report.
That said, “many challenges face the marketing of this year’s crop,” the CWB noted. For example, the International Grains Council now projects world durum production at a “near record” 40 million tonnes and this year’s world bulk durum trade at 6.25 million tonnes, the lowest in 11 years.
Wheat prices have declined “substantially” from their February 2008 peak, the CWB added, and the Prairie crop is forecast to have lower-than-average protein, further pressuring prices.
Recent quality downgrades in Australia’s malting barley crop may support prices and increased imports into China are expected, the CWB noted. Feed barley export markets, meanwhile, are “currently unattractive compared to the domestic feed market.”
The CWB now projects farmers in Saskatchewan will see about $186 per tonne for “top-quality” spring wheat, $159 for durum and $145 for malting barley.
The board’s next 2009-10 pool return outlook (PRO) is due out Jan. 28.
