This week’s SaskWheat market outlook says seeding is 28 percent complete in the U.S. spring wheat area, well ahead of the 19 percent 5 year average.
In Russia, spring wheat is only 4 percent planted, compared to 58 percent a year ago.
However, officials believe seeding will speed up with warmer weather.
Russian spring wheat seeded area is expected to be higher than last year.
The market outlook says StatsCan’s forecast for a 8.8 percent decline in wheat seeded area in Canada does not make sense, as returns to wheat look comparable to pulses and closer to canola than has been seen in a while.
The outlook anticipates spring wheat seeding in Canada to be similar to last year.
Canadian wheat exports in week 38 reached 470 thousand tons, and 14.5 million tons for the crop year to date, up 26 percent from last year.
If exports can stay above 460 thousand tons per week, this year’s Agriculture Canada export wheat target of 21 million tons will be reached.
The market report expects higher wheat prices after the May 12th U.S. world grain supply report and suggest no additional farm sales for the present.
