Wheat values were down by CA$10 to CA$14 per tonne from February. The CWB said Thursday that while global wheat production was expected to decline in 2010-11, ending stocks were still forecast to increase by 10-15 million tonnes on the year. The strength of the Canadian dollar over the past month was also said to have a negative impact on the outlooks, according to the CWB.

 

The outlooks are the forecast of the final pool return. They include the estimated value on grain that has already been priced, and the forecasted value on grain that has yet to be priced, said the CWB. The CWB prices wheat on a pace that is approved annually by the board of directors. The futures and options markets are used to moderate faster or slower cash sales to ensure pricing follows this pace. At the time of the March PRO, the CWB had no grain priced for delivery in the 2010-11 crop year.

 

The feed barley PROs were down by CA$7 per bushel from February. The CWB said declining global production, along with rising demand, should provide some support for the price outlook.

 

However, most major importers have favourable production prospects, which will limit the demand for exports. The strong Canadian domestic market was also expected to limit the amount of barley available for export.