Canada’s wheat exports are ahead of last year and trending towards a record, according to one Canadian market analyst.
The world’s top seven wheat-exporting countries have also had record harvests.
They are looking to China which they hope will import more wheat and feed grains because of poor quality corn and spring wheat harvests there.
Market analyst Chuck Penner said If China were to start buying corn and wheat again in a bigger way, that changes the global dynamic to quite a large degrees.
Penner works for Leftfield Commodity Research and made his comments during a meeting of the Canaryseed Development Commission of Saskatchewan in Saskatoon.
He said Canadian wheat exports might set a record of 24 million tonnes this crop year.
A big barley harvest is displacing Canadian imports of U.S. corn and is fuelling exports because Canadian barley prices are more competitive with France, Ukraine, Argentina and Australia, he said.
Prices for some grains are under downward pressure, he said, including feed wheat, durum and oats due to quality issues with those crops.
Canadian farmers produced 7.1 million tonnes of durum, the largest crop since 2016-17.
