CWB today released its first Pool Return Outlooks (PROs) for the 2015-16 Early Delivery, Annual and Futures Choice Early Delivery pools.
PRO commentary
2015-16 pools
General
PROs for 2015-16 are based on the best available information today, with the understanding that the 2015 production season still remains ahead and will ultimately determine price direction and levels. Global wheat and coarse grain ending stocks are projected to increase in 2015-16, contributing an underlying bearish tone to the 2015-16 markets while the weaker Canadian dollar provides an offsetting effect. As a result, the Canadian dollar projected pool returns are overall not dramatically different from values for the 2014-15 Winter pools.
General pool assumptions:
Canadian dollar at 85 cents versus the U.S. dollar.
Current forward futures structure for wheat and canola.
Source: Canadian Wheat Board