The latest Sask Wheat outlook says world wheat futures fell sharply last week as the debate about the unresolved export tax issues in Russia continued to dominate markets.
The outlook says North American wheat is increasingly competitive on the world market but until the Black Sea grain market settles down, the extent of any change in market demand switching will be tough to assess.
Minneapolis spring wheat fell 30 cents a bushel last week but this week has recovered some of that drop.
The market outlook says Argentina is rapidly selling out of wheat, and Australia and Canada are committed through April.
This makes it hard to argue for sustained lower wheat prices going forward.
Canadian wheat exports are running 29 percent ahead of last years pace this crop year, with the biggest increase to China and Nigeria.
The outlook says number 1 spring wheat 13.5 percent protein should still sell for 7.75 to 8 dollars or more per bushel in Saskatchewan.
Canadian durum exports so far this crop year are 2.6 million tons, up 11 percent from a year ago.
The biggest gains in durum sales are Italy, Morocco, Algeria, and Belgium.
Canada lost significant volume to Turkey.
The newsletter would target 9 dollars a bushel for additional durum sales.
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