Canada’s Wheat Harvest To Increase 55% This Year: StatCan

Canada’s wheat harvest is forecast to rise 55% to 34.6 million metric tons this year, helping to bolster global supplies, according to Statistics Canada.

The federal agency said that Canada, the world’s seventh-largest wheat exporter, is benefitting from improved yields, good moisture, and moderate temperatures.

The beneficial conditions have this year on track to be Canada’s third best wheat harvest on record dating back to 1908, falling just short of 2020 and the record 37.6 million tons gathered in 2013.

Last year’s wheat crop was the worst in Canada since 2007 after extreme drought in the Canadian Prairies hurt output.

The increased wheat crop from Canada is welcomed news for global supplies, which have been hurt this year after Russia invaded Ukraine and extreme weather lowered wheat crops across Europe.

Drought conditions also continue to limit crop yields in America and China.

Benchmark wheat futures rose 4.1% to $8.3675 U.S. per bushel in Chicago trading. Wheat futures contracts have gained 8.6% so far this year.

Tags: yields, forecast, harvest, Canada, wheat