CWB Raises 2002-03 Price Forecast

WINNIPEG - Jul 25/02 - SNS -- The Canadian Wheat Board (CWB) made a massive upward revision to its projected pool returns for the 2002-03 marketing year which starts on August 1, but only made slight upward revisions to estimated returns from the 2001-02 season unchanged.

For the coming season, the CWB boosted wheat values range from CDN $9 per metric ton (MT) to $31 MT higher compared to the June outlook for 2002-03. Durum values are unchanged to $1 MT higher. Feed barley values are up $32 MT, while designated barley values are higher by $30 to $32 MT.

For the current marketing year, the CWB increased wheat values $2 to $6 MT higher compared to the May outlook for 2001-02. Projected durum values are unchanged to $1 MT higher. Feed barley values are up by $3 MT, while designated barley values remain unchanged.

Discussing the new crop situation, the CWB noted futures markets in the United States were sharply higher on reduced North American crop prospects. Hot, dry weather throughout much of Western Canada continues to reduce production forecasts. Similar weather conditions have also put considerable stress on the spring wheat crop in the United States.

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