The CWB held its producer update meeting last Friday as part of crop production week in Saskatoon.
Dave Siminot, the CWB’s pool manager, talked to producers about what’s happening with the wheat markets focusing on the fact US wheat futures have been coming down.
"The other new factor that's come into play substantially in the last few weeks is that the currency markets are getting all jittery and the Canadian dollar is just tanking, so that is positive for Canadian producers, because they're going to get paid in Canadian dollars," he said. "So when you convert the US dollar wheat price into Canadian, it actually hasn't come down that hard. It's within the average of what we've seen over the last six months."
Siminot says going forward they expect a pretty decent supply of wheat worldwide and while the new crop is yet to be determined, they’re not expecting a big break out in price.
He adds that at the same time we see very steady, very strong demand and that’s keeping prices from collapsing too much.