Canadian Wheat Board Lowers Price Outlook For Wheat

The Canadian Wheat Board has lowered its price projections for most classes of wheat sold during the 2009-10 crop year.

The projections, called pool return outlooks, released were released on Thursday, with wheat values steady but down C$6 per metric ton from November, and most classes of wheat seeing declines.

The CWB said increases in global wheat production forecasts, declines in U.S. wheat futures and a steady global freight market over the past month were all weighing on expected wheat values. Global wheat demand was said to be on a hand-to-mouth basis given the large supply situation.