Canadian Wheat Complex Weighed Down by Black Sea Hopes

The Canadian wheat complex saw sharp losses last week due to hopes for resuming Black Sea grain shipments. This pressure weighed on Prairie prices, causing Western Canadian wheat cash prices to decline.

Despite a slight retreat in the Canadian dollar to 70.58 U.S. cents, Prairie prices remained weak. The United States wheat complex also fell, with the December spring wheat contract in Minneapolis losing 34.5 cents to US$7.0175 per bushel.

CWRS (13.5%) average prices decreased by C$8.90 to C$12.00 per tonne, while CPRS (11.5%) and CWAD prices also declined. However, durum bids saw a small increase of C$1.70 to C$2.30 per tonne.

The Agriculture and Agri-Food Canada supply and demand report raised its call for the all-wheat carryout by 300,000 tonnes from its August estimate, bringing it to 5.8 million tonnes.