Canadian wheat exports are on a record pace four months into the crop year—but there will not be enough wheat available to set a new mark for the entire year.
This is Chuck Penner with Leftfield Commodity Research during a December 14th presentation to the Canary Seed Development Commission of Saskatchewan annual general meeting in Regina.
Global wheat stocks are at an eight-year low and Penner is anticipating improved prices in 2024.
While prices have been below producer expectations, the wheat trade is monitoring the progress of winter wheat crops in major producing areas.
Moving to canola, Penner says seed exports are down, largely because of reduced sales to China.
With some additional crushing capacity coming on-line—-Penner believes it could be a record year for canola oil production.
He thinks the 2023 Canadian canola crop is a little larger than the current forecast.
The current canola market is very choppy—-but Penner believes values will rise during the seasonal March/April
Credit for the above close-up photo of a wheat crop goes to Farm and Food Care Saskatchewan.
