Canada raises wheat export forecast by 2 mln tons

AgCanada has sharply increased its soft wheat export estimate for the 2023/24 season. The forecast is raised 11% (~2 million tons) from the October report, to 20 million tons. Production is increased by 2.13 million tons. The new ending stocks estimate of 3.5 million tons is higher than the November forecast of 3.2 million tons.

According to the Canadian Grain Commission, the country exported 7.9 million tons of non-hard wheat during the 19 weeks of the 2023/24 crop year. That’s up significantly from last year’s 7.04 million tons.

China was the largest buyer in the first three months of 2023/24, purchasing 536,400 tons of Canadian soft wheat.

Indonesia was Canada’s second-largest buyer, purchasing 532,900 tons, up 164% from the same period a year ago, although exports to Indonesia last year were the lowest in 10 years.

The US bought 227,300 tons of Canadian wheat in the first three months of the season, more than five times more than a year ago.

Tags: export, Canada, wheat