The latest market outlook from SaskWheat continues to have a buoyant tone even though prices were moving downward late last week.
Marlene Boersch with Mercantile Consulting says rising world demand and reduced wheat supply is positive for global wheat markets, with durum hitting record prices.
She says the USDA expects wheat exports to be down by 2 percent to 178 million from 181 million this year.
However, analysts say the figures are too high, especially with the drought in Canada and the Northern U.S.
There’s also quality problems in the European Union.
She says analysts expect wheat exports to drop 12 million tons in the coming year.
If correct, amid rising demand, she says it could give significant support to world wheat markets.