SaskWheat’s latest market report remains positive for wheat prices

The latest SaskWheat outlook says demand remains strong and prices continue to move upward during the past week.

Marlene Boersch of Mercantile Consulting Venture says there is still room for the wheat market price to increase.

Global wheat bids continued to rise during the past week.

North American values are rising at a faster pace than other origins, which will affect demand.

Spring wheat is very tight.

This is being reflected in the wide spreads between spring wheat and soft wheats.

In shipping week 11, Canadian spring wheat exports were at a multi-year low of 95 thousand metric tons, for a season total of 2.77 million tons, down 38 percent from last year.

Boersch says tender business for wheat remains strong, with reports of increases in demand in the Middle East.

Russia is largely out of the export market and Australia, with an amazing crop, does not have unlimited port capacity.

She sees room for more price increases.

She also sees no reason for the durum market to fall and recommends sales at 21 dollars a bushel or better.

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