Canadian Wheat Board sets higher export target for 2009-10

The Canadian Wheat Board (CWB), Canada's major grain exporter, has increased its 2009-10 grain export target to 18.7 million tonnes, up two million tonnes from its mid-summer projections.

The last time total exports exceeded this amount was during the 1999-2000 season, when exports reached 19.2 million tonnes.

This time, wheat constitutes 13.5 million tonnes of the total projected grain export.

Despite fears of an early killing frost, record-high September temperatures led to high yields for the 2009 crop, the CWB said.

Ward Weisensel, CWB's chief operating officer, said many challenges still face the marketing of the 2009-10 crop. The marketing year runs from August to July. 

Wheat prices have decreased substantially since the peak of February 2008, amid abundant supply and fierce competition. The CWB said the 2009-10 western Canadian crop is forecasted to have lower-than-average protein levels, which will further pressure prices downward.