The latest market outlook from SaskWheat says Canadian wheat exports are running 29 percent ahead of last year at this date.
Total wheat exports are running 2 million tons higher than last year at this time.
Compiled by Mercantile Consulting Venture, the outlook says farm deliveries of wheat were high at 600 thousand tons in week 23, reflecting improved prices.
International projections point to record wheat production this year and despite higher consumption, further increases in global stocks.
However, the stocks will be centred on China and India while exporter stocks will drop by another one million tons.
Above average wheat trade is expected this year, but may not reach last year’s record.
The outlook advises farmers to continue to hold wheat for the present.
Wheat prices are expected to slow down this week after gaining 29 cents a bushel in Minneapolis last week.
Support for wheat prices came from a U.S.D.A. stocks report and a Russian export tax story.
Russia is expected to impose a 25 euro per metric ton export tax starting at February 15th, and increasing to 50 euros on March 1st.
The euro is about 1.50 Canadian.
Canadian durum exports total so far this crop year at 2.2 million tons, 13 percent or 236 thousand tons ahead of last year’s pace.
Farm deliveries for week 23 were high at 147 thousand tons.
The outlook would target 9 dollars a bushel for additional durum sales.
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